TCRAP_Public/060228.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Tuesday, February 28, 2006, Vol. 9, No. 042


                            Headlines

A U S T R A L I A   &   N E W  Z E A L A N D

AIR CONDITIONING: To Declare Dividend Today
AIR NEW ZEALAND: Welcomes Union's Vote Ratification
BRIGHT OUTLOOK: Decides to Close Operations
BROOKLYN ROMEO: Liquidator to Explain Wind-up Report
CHOICE PLAZA: Official Assignee Appointed as Liquidator

DCA TRUCKING: Supreme Court Issues Wind-up Order
EAGLE GIRLS: Receivers Appointed
ELIZABETH SECURITIES: Schedules Final Meeting Today
FBA HOLDINGS: Enters Voluntary Liquidation
FINAGLE INVESTMENTS: Joint and Several Liquidators Appointed

GANAAN PTY: Court Appoints Liquidator
HAJEX PTY: Prepares to Pay Dividend to Creditors
INFORMATION ECONOMICS: Members Agree to Wind Up Firm
JEBU PTY: Inability to Pay Debts Prompts Wind-up
KIDIS DISTRIBUTION: Receiver Resigns

MAUDSON HOLDINGS: To Distribute Final Dividend
MB ASSOCIATES: Court to Hear Liquidation Application on March 2
MELBOURNE PETROLEUM: George Georges Named as Liquidator
MOVAC ECARGO: Placed Under Liquidation
MULTIPLEX: Gears Up Assets Sale to Boost Cash Flow

NATIONAL AUSTRALIA: Corrects 2005 Financial Report Disclosures
NED KELLY: Liquidation Process Commenced
NEPTUNE SECURITIES: Members Agree to Wind Up Firm
P.P.T. PTY: Ordered to Liquidate Business
SCOTS CHURCH: Appoints Official Receiver

SEL PRICE: To Hold Final Meeting Today
SPALMAC PTY: Placed Under Voluntary Liquidation
TELSTRA CORPORATION: Vital Payphones Will Remain, CEO Assures
TERRY BRENAN: Official Assignee to Liquidate Business
VILLAGE LIFE: Inks Lease Agreement with ING

WATERSIDE HOLDINGS: Enters Liquidation Proceedings
WEBSTER MANUFACTURING: Members to Receive Wind-up Details
WESTFIN LIMITED: Falls Into Liquidation
WESTPOINT GROUP: ASIC Confirms Investors Knew of Court Orders
WESTPOINT GROUP: Planned Lawsuit Against Advisers to Proceed

Y2 BUILDERS: To Liquidate Under Official Assignee


C H I N A   &   H O N G  K O N G

401 MAINTENANCE: Appoints Joint and Several Liquidators
ASIA MILLION: Liquidators Named to Wind Up Assets
AWT OCEAN: Names Official Liquidator  
BLU SPA: Net Loss Narrows from HK$2.4 to HK$1.6 Mln
CAMPELL INTERNATIONAL: Members Push to Liquidate Firm

CLOSE TO HEART: Commences Winding Up Process
DRANSFIELD HOLDINGS: Schedules Meeting for March 2
GAINWIDE TRADING: Liquidator Receiving Claims Until March 31
GREAT TASK: Nanyang Bank Files Wind-Up Petition
GLOBAL MIX: Commences Winding Up Process

LAPAGAYO LIMITED: Commences Winding Up Process
LIAONING FC: Stares at Bankruptcy
MCMAXX DESIGNS: Creditors' Proofs of Claim Due on March 30
RICH CLASS: Decides to Shut Down Business
SIMPLE MOTOR: Court Enters Wind-Up Order


I N D I A

SINGER INDIA: Parent Wants to Revive Brand Amid Looming Collapse
STERLING HOLIDAY: Restructures Debt and Floats $15-Mln FCCBs
SVAM SOFTWARE: To Transfer Control to Shalabh Mittal


I N D O N E S I A

BANK MANDIRI: AGO Withdraws Plan to Probe Ex-Execs' Acquittal
DIRGANTARA INDONESIA: Targets to Sell 21 Planes to Thailand
GARUDA INDONESIA: Net Loss Stands at IDR46.5 Billion


J A P A N

CULTURE CONVENIENCE: METI OKs Business Restructuring Plan
JAPAN AIRLINES: Vice President Likely to Step Down
KONICA MINOLTA: Launches Everplay Standard
PIONEER CORPORATION: R&I Downgrades Rating to BBB+


K O R E A

ASIANA AIRLINES: Summoned in U.S. Legal Suits  
LG CARD: January Delinquency Rate Drops Over 50%


M A L A Y S I A

ACP INDUSTRIES: Books MYR2,317,000 Net Loss in 3Q/FY05
AMTEK HOLDINGS: Inks Deal to Sell Units to Pensonic
AYER HITAM: Unit Faces Wind-up Proceedings
HO WAH: Net Loss Hits MYR36,592,000 in 4Q/FY05
INFORTECH ALLIANCE: Suffers MYR1,785,000 Net Loss in Q4/FY05

FUTUTECH BERHAD: Incurs MYR2,806,000 Net Loss in 4Q/FY05
INCH KENNETH: Books MYR12,094,000 Net Loss in 4Q/FY05
KEMAJUAN TONG: Wind-Up Hearing Slated for March 23
KEMAYAN CORPORATION: SC Won't Extend Time for Rehab Execution
KRAMAT TIN: Net Loss Shrinks to MYR112,000 in 4Q/FY05

KUB MALAYSIA: 4Q/FY05 Net Loss Slips to MYR21,392,000
LIEN HOE: Net Loss Hits MYR6,075,000 in 4Q/FY05
MENTIGA CORPORATION: SC Extends Deadline to August 31
METROPLEX BERHAD: Court Set to Hear Wind-Up Application Today
NEXNEWS BERHAD: Net Loss Balloons to MYR3,530,000 in 4Q/FY05

PARACORP BERHAD: Incurs MYR8,458,000 Net Loss in 4Q/FY05
POLY GLASS: Writes Down Impairment Losses
SCOMI ENGINEERING: Returns to Profit in 4Q/FY05
SELOGA HOLDINGS: Results Swing to Black in 4Q/FY05
SOUTHERN BANK: Creditors Seeks to Call an EGM

TENCO BERHAD: Returns to Profit in 3Q/FY05


P H I L I P P I N E S

ABS-CBN BROADCASTING: NBI Summons Stampede Victims
AFP SAVINGS: Mulls Recapitalization of CSB
CENTRAL AZUCARERA: Strike Brings Php550.34-Mln Loss
MARIWASA MANUFACTURING: SEC OK Paves Way for Capital Hike
NATIONAL POWER: JCPC OKs Assets Sale with SSA

PILIPINO TELEPHONE: Posts Record Profit of Php13.5 Bln


S I N G A P O R E

GENERAL MAGNETICS: 2005 Net Loss Widens Slightly
LION HEART: Liabilities Force Firm to Wind Up
MAJESTIC ELECTRIC: Court Winds Up Firm
MEDIASTREAM LIMITED: Seeks Extension to Submit FY2005 Results
SAPPHIRE CORPORATION: Annual Net Loss Drops Sharply

STARTECH MANUFACTURING: Members Decide to Wind Up
STARTECH POWER: Liquidates Business Ops


T H A I L A N D

DATAMAT: Wants Deadline for FS Submission Extended
PAE THAILAND: Installs New Directors

BOND PRICING: For the Week 27 February to 3 March 2006

     - - - - - - - -

============================================
A U S T R A L I A   &   N E W  Z E A L A N D
============================================

AIR CONDITIONING: To Declare Dividend Today
-------------------------------------------
Air Conditioning Cleaning Service Pty Limited will declare its
first and final dividend for priority and unsecured creditors
today, February 28, 2006.

Creditors who are not able to prove their claims will be
excluded from the benefit of the dividend.

Contact: Scott Pascoe
         Liquidator
         SimsPartners
         Level 24, Australia Square
         264 Goerge Street
         Sydney, New South Wales 2000
         Australia


AIR NEW ZEALAND: Welcomes Union's Vote Ratification
---------------------------------------------------
Air New Zealand has welcomed the ratification of a proposal that
will see the retention of wide body heavy maintenance work in
New Zealand.  The Aviation & Marine Engineers Association union
members in Christchurch ratified the proposal on February 23,
2006.

The outcome of the voting now means that unions in both Auckland
and Christchurch support a new collective employment agreement
and the labor reforms it contains.

"This is very good news and gives us the confidence to reverse
our decision to outsource wide body heavy maintenance.  This
means that around 300 positions originally identified for
disestablishment will be saved," Air New Zealand Chief Executive
Rob Fyfe says.  "This is a good decision for Air New Zealand
Engineering Services and its staff, for Air New Zealand and for
New Zealand itself."

"It was essential that we had full support of staff for this
Collective Agreement.  We were not prepared to consider
retaining this business in-house without the commitment of ANZES
staff," Mr. Fyfe relates.

The result of the vote further means that across the whole of
ANZES there is two-thirds majority support for the new
collective employment agreement and the reform.

"This is solid support and is exactly what we require to place
this business on the footing it needs to become viable in a
tough and competitive market.  Far from being an end, this is
just the beginning.  Much work has to be done to streamline the
business, but this vote is a sound foundation from which to do
this," Mr. Fyfe adds.

Headquartered in Christchurch, New Zealand, Air New Zealand --
http://www.airnz.co.nz/-- is an international and domestic  
airline group which provides air passenger and cargo transport
services within New Zealand, as well as to and from Australia,
the South West Pacific, Asia, North America and the United
Kingdom.  Air New Zealand also encompasses business units
providing engineering and ground handling services.  
Subsidiaries extend to booking systems, travel wholesaling and
retailing services.  In 2002, Air New Zealand restructured to a
no-frills domestic service in order to curb losses from
unprofitable routes.  It is presently working on cutting costs
on its services to and from Australia, and is upgrading its
long-haul fleet as part of a recovery program from near-collapse
in 2001.


BRIGHT OUTLOOK: Decides to Close Operations
-------------------------------------------
At a general meeting of Bright Outlook Pty Limited on Jan. 31,
2006, it was agreed that a voluntary wind-up of the Company is
appropriate and necessary.

Ian Alexander Cattanach was then appointed to supervise the
Company's wind-up activities.


BROOKLYN ROMEO: Liquidator to Explain Wind-up Report
----------------------------------------------------
A final meeting of the members of Brooklyn Romeo Pty Limited
will be held for them to receive the liquidator's final account
showing how the Company was wound up and how its property was
disposed of.

The meeting will be held today, February 28, 2006.


CHOICE PLAZA: Official Assignee Appointed as Liquidator
-------------------------------------------------------
On February 7, 2006, the Official Assignee was appointed to
liquidate the operations of Choice Plaza Limited.

Contact: The Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz/


DCA TRUCKING: Supreme Court Issues Wind-up Order
------------------------------------------------
On February 2, 2006, the Supreme Court of New South Wales,
Equity Division, ordered the liquidation of DCA Trucking Pty
Limited, and appointed Steven Nicols as liquidator.

Contact: Steven Nicols
         Liquidator
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


EAGLE GIRLS: Receivers Appointed
--------------------------------
On February 2, 2006, Lachlan Stuart McIntosh and Richard William
Buckby were appointed as joint receivers and managers of the
property of Eagle Girls Townsville Pty Limited.

Contact: Richard W. Buckby
         Lachlan S. McIntosh
         Receivers
         KordaMentha
         Level 1, 150 Walker Street
         Townsville, Queensland 4810
         Australia


ELIZABETH SECURITIES: Schedules Final Meeting Today
---------------------------------------------------
The members of Elizabeth Securities Pty Limited will convene
today, February 28, 2006, to receive liquidator Gewrard Butlers'
account regarding the Company's completed wind-up and disposal
of property.

Contact: Gerard Butlers
         Liquidator
         CBC Partners Pty Limited
         Level 9, 179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia
         Phone: (02) 8263 1000


FBA HOLDINGS: Enters Voluntary Liquidation
------------------------------------------
Members of FBA Holdings Pty Limited held a meeting on Jan. 31,
2006, and agreed on the Company's need to liquidate.  They named
Geoffrey Owen Freeman to manage the Company's wind-up
activities.


FINAGLE INVESTMENTS: Joint and Several Liquidators Appointed
------------------------------------------------------------
On February 13, 2006, Bruce Allen Dring and Richard Brian Burge
were appointed joint and several liquidators of Finagle
Investments Limited.

The Liquidators require the Company's creditors to make their
claims and to establish any priority their claims may have, on
or before March 3, 2006, with:

          Richard Burge
          Liquidator
          P.O. Box 30-568,
          Lower Hutt, New Zealand
          Telephone: (04) 569 9069      


GANAAN PTY: Court Appoints Liquidator
-------------------------------------
On February 3, 2006, the Federal Court of Australia appointed
Christopher J. Palmer to be the official liquidator in the wind-
up of Ganann Pty Limited.

Contact: Christopher J. Palmer
         Liquidator
         O'Brien Palmer
         Level 4, 23-25 Hunter Street,
         Sydney, New South Wales 2000
         Australia


HAJEX PTY: Prepares to Pay Dividend to Creditors
------------------------------------------------
Hajex Pty Limited will declare a dividend on February 28, 2006,
to the exclusion of creditors who were not able to prove their
claims.

Contact: Oren Zohar
         Liquidator
         KordaMentha
         Level 11, 37 St. Georges Terrace
         Perth, Western Australia 6000


INFORMATION ECONOMICS: Members Agree to Wind Up Firm
----------------------------------------------------
The members of Information Economics Research Unit Pty Limited
held a meeting on February 3, 2006, and agreed to close the
Company's business.

Moreover, the parties appointed P. H. Edwards as liquidator to
facilitate the wind-up operations.

Contact: P. H. Edwards
         Liquidator
         19 Memorial Avenue
         Merrylands, New South Wales 2160
         Australia
         Phone: (02) 9637 7999


JEBU PTY: Inability to Pay Debts Prompts Wind-up
------------------------------------------------
Jebu Pty Limited has determined that a voluntary wind-up of its
business operations is necessary, due to the Company's inability
to pay its debts.

Tarquin Raoul Koch was appointed to oversee the Company's
liquidation activities.

Contact: Tarquin Raoul Koch
         Liquidator
         Anthony Matthews & Associates
         Ground Floor, 91 Hutt Street
         Adelaide, South Australia 5000
         Telephone: (08) 8232 8885
         Fax: (08) 8232 8886
         e-mail: info@matthewsassociates.com.au


KIDIS DISTRIBUTION: Receiver Resigns
------------------------------------
On February 6, 2006, John Vouris ceased to act as the receiver
and manager of the property of Kidis Distribution Pty Limited.


MAUDSON HOLDINGS: To Distribute Final Dividend
----------------------------------------------
Maudson Holdings Pty Limited will declare a final dividend
today, February 28, 2006.

Creditors who are not able to prove their claims will be
excluded from the benefit of the dividend.

Contact: G. D. Short
         Liquidator
         c/o Short Kenyon & Co. Proprietary
         Chartered Accountants
         54 Sailors Bay Road
         Northbridge, New South Wales 2063
         Australia


MB ASSOCIATES: Court to Hear Liquidation Application on March 2
---------------------------------------------------------------
On March 2, 2006, the High Court of Auckland will hear an
application to put MB Associates under liquidation.

The petition was filed by Accident Compensation Corporation on
November 11, 2005.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than February 28, 2006, with:

          Dianne S. Lester
          Solicitor for the Plaintiff
          Maude & Miller
          Second Floor, McDonald's Building,
          Cobham Court
          (P.O. Box 50-555 or D.X. S.P. 32-505)
          Porirua City, New Zealand


MELBOURNE PETROLEUM: George Georges Named as Liquidator
-------------------------------------------------------
At Melbourne Petroleum Pty Limited's general meeting on Jan. 31,
3006, members agreed to liquidate its operations.  George
Georges was nominated to oversee the wind-up.

Contact: George Georges
         Liquidator
         Ferrier Hodgson
         Level 29, 600 Burke Street
         Melbourne, Victoria 3000
         Australia


MOVAC ECARGO: Placed Under Liquidation
--------------------------------------
The liquidation of Movac eCargo SPV Limited commenced on
January 30, 2006.  Richard Brian Burge and Brian Joseph Walshe
were appointed joint and several liquidators to oversee the
wind-up process.

The Liquidators ask the Company's creditors to submit their
proofs of claims by March 3, 2006, to:

          Richard Burge
          Liquidator
          P.O. Box 30-568
          Lower Hutt, New Zealand
          Telephone: (04) 569 9069


MULTIPLEX: Gears Up Assets Sale to Boost Cash Flow
--------------------------------------------------
Multiplex Limited is preparing to sell assets to bolster its
cash flow.

The Sydney Morning Herald recounts that problems concerning
Multiplex's Wembley Stadium redevelopment project have resulted
in the Company issuing numerous profit warnings, culminating in
last week's AU$119.6 million half-year net loss.  Total losses
from the Wembley Project exceed AU$473 million.

As reported in the Troubled Company Reporter - Asia Pacific on
February 27, 2006, Multiplex's poor cash flow has caused the
Company to breach various financial ratios and bank covenants.

Compounding the cash flow concerns was the unexpected AU$13
million provision Multiplex made last week to cover lower sales
in its residential business.

The TCR-AP said in its previous report that some property
analysts predicted a takeover and break-up of the group if the
share price fell below AU$3 and if Multiplex is unable to
maintain cash flow by itself.  One analyst even predicted that a
competitor could seize control of the profitable Multiplex
Property Trust.

The Age says that Multiplex has effectively handed strategic
decision-making over to its financiers, who now want a cash
injection to ensure that the Company can meet its interest
coverage ratios.

The sell-off will initially come from the group's United Kingdom
business, including the remaining Duelguide retail assets, and
then across the board, including Australia.

Last week, Multiplex told analysts that the corporation side of
the business had liquidity of AU$129 million and the trust side
AU$355 million.

Mujltiplex's founders, the Roberts family, is expected to buy
back the group's construction arm.

               Company Starts Sell-Off of UK Assets

The Australian reports that Multiplex's sell-off of its assets
in United Kingdom started when Simon Reuben, together with his
brother, David, agreed to buy out the Company's share of a huge
building portfolio in a deal estimated at GBP100 million
(AU236.3 million).

According to the report, the Reubens were partners with
Multiplex and shopping center giant Westfield in several British
property development projects and investments included as part
of the Duelguide retail properties purchased in October 2004.  
The portfolio was regarded as a huge pipeline of development
opportunities which, if completed, could have made it one of
Britain's biggest developers.

Up to 70 non-core properties were acquired through the GBP585
million Duelguide transaction.

The Reubens made their fortune buying and selling Russian
aluminum businesses.  The British brothers are among the 10
richest families in Britain and have amassed an estimated GBP1.5
billion property investment portfolio in the country.  Most of
their current deals are focused on property and private equity.

In May 2005, Multiplex sold its 25% interest in one of the key
Duelguide assets, the White City development in London, to
Westfield for GBP65 million.

Three months ago, it sold down further property assets for
GBP127 million -- including its Global Switch internet data-
housing business -- to the Reuben brothers.

It is hoped the latest sale will reassure nervous investors by
shoring up Multiplex's balance sheet and securing the confidence
of its lenders.

                         About Multiplex

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.  Early in 2005, Multiplex began facing cost
pressures on its reconstruction project for the Wembley Stadium
in London, prompting it to conduct its own internal
investigation into the Wembley difficulties.  Its auditor, KPMG,
later conducted its own thorough review of the problems, leading
to an unpredicted write-down.  In February 2005, stunned
investors sold down Multiplex shares after the Company reversed
its stance on two United Kingdom projects, writing off AU$68.3
million from its profits.  This started a series of profit
downgrades throughout 2005.  The Company's troubles continue
with plunging share prices, extortion attempts and threats of
class action from disgruntled shareholders.  The Roberts family,
as founder and controlling shareholder of Multiplex, opted to
offer AU$50 million indemnity in a bid to appease dissatisfied
shareholders.  In May 2005, Multiplex admitted its troubled
Wembley Stadium construction project may end up with a
multimillion loss.  As of February 2006, the Company is faced
with liquidity crisis after posting a massive AU$474 million
loss on Wembley and is currently in talks to bring down possible
delay fees, pegged at AU$138,000 per day beyond the scheduled
March 31, 2006 completion date.


NATIONAL AUSTRALIA: Corrects 2005 Financial Report Disclosures
--------------------------------------------------------------
The National Australia Bank has identified classification errors
in the 2005 Annual Financial Report that overstated the reported
level of lending to the real estate construction sector.

In Note 16 on page 151 and Note 11 on page 144 covering industry
sector concentrations in Australia, it is incorrectly reported
that loans and advances and customer acceptances to the
construction sector total AU$5.7 billion.  These industry
concentrations are also reported in the table on loans by
industry sector on page 52 of the Report.

In fact, based on subsequent review, the aggregate amount of
loans and advances and customer acceptances to the real estate
construction sector (including reclassified overdrafts), is
AU$1.6 billion for 2005.  This compares to AU$1.1 billion for
the prior year.

In Note 16 on page 151, it is also reported that installment
loans to individuals and other personal lending (including
credit cards) in 2005 total AU$21.6 billion.  This total
includes AU$6.2 billion of overdrafts to entities that were
incorrectly classified.

The data for Australia in Note 16 and Note 11 has been corrected
for the 2004 and 2005 financial years.

However, the total amount disclosed in Notes 11 and 16 for loans
and advances and customer acceptances is correct and the
revisions do not affect reported earnings od the financial
position of the Company.

NAB auditor Ernst & Young has reviewed these new disclosures for
2005 and 2004 and have agreed the approach adopted.

NAB Director for Finance and Risk, Michael Ullmer said that
"[t]he core financial information systems of the Company are
sound and controlled effectively.  These misclassifications do
not change reported earnings or the financial position of the
Company."

"The industry classifications are derived from ancillary
systems, which require considerable manual processing.

"As noted on page 66 of the 2005 Annual Financial Report, there
is a significant over -reliance on manual processes.  Steps are
being taken to upgrade these systems to reduce the reliance on
manual processes.

"All related disclosures in the 2005 Annual Financial report
will be reviewed by no later than the half-year profit
announcement.

"I believe it was important to correct the reported position
with respect to Australian real estate construction sector as
soon as reliable information was available," he said.

                          Corrections

Note 11 Due from customers on acceptances
September 30, 2005, & September 30, 2004

Australia - Group

                                  Revised           As Reported
                               2005      2004      2005     2004
                               AU$M      AU$M      AU$M     AU$M
Government and
public authorities               44        33       44         9

Agriculture, forestry, and
fishing, mining               2,939     1,699    2,945     1,892

Financial, investment
and insurance                 2,549     1,814    2,532     3,182

Real Estate - construction      794       448      122       699
Manufacturing                 2,056     1,516    1,959     1,043

Installment loans to
individuals and other
personal lending                191       128      191       136

Other commercial and
industrial                   19,039    10,628   19,819     9,305

TOTAL                        27,612    16,266    27,612   16,266


Note 16 Loans & Advances
September 30, 2005, & September 30, 2004

Australia - Group

                                  Revised           As Reported
                               2005      2004      2005     2004
                               AU$M      AU$M      AU$M     AU$M
Government and
public authorities              612       539      607       620

Agriculture, forestry, and
fishing, mining               5,968     5,363    4,430     6,023

Financial, investment
and insurance                 5,676     4,748    5,093     6,102

Real Estate - construction      794       673    5,587     1,728

Manufacturing                 3,567     3,451    2,417     2,492

Real estate - mortgage      105,419    91,296  105,419    91,259

Installment loans to
individuals and other
personal lending*            15,422    13,559   21,642    13,529

Lease financing               9,508     8,164    9,508     8,164  

Other commercial
and industrial               23,795    20,614   16,058    18,490

TOTAL                       170,761   148,407  170,761   148,407

* including credit cards

A full-text copy of National Australia Bank's Revised 2005
Financial Report is available for free at:

   http://bankrupt.com/misc/tcrap_nab2005financialreport.pdf  

                  Shares Placed in Trading Halt

Shares in National Australia Bank have been placed in a trading
halt at the Company's own request, the Australian Associated
Press reports.

The trading halt came after NAB identified a classification
error in its 2005 Annual Report.  The trading halt is in effect
until Wednesday or when the announcement is made to the market.

AAP says that NAB shares last traded at AU$35.92.

Headquartered at Melbourne, in Victoria, Australia, National
Australia Bank Ltd. -- http://www.national.com.au/-- offers a  
wide range of financial services, including: personal banking,
business banking, corporate banking, agribusiness, wealth
management, transactional solutions, custody services asset
finance and leasing financial planning.  The bank's Australian
Division is focused on delivering financial solutions to help
customers achieve their financial goals.  National Australia
Bank is undertaking a three-year revival program after its 2004
foreign exchange trading scandal and several profit downgrades
in 2005 that hammered its share price.  The Bank is working to
recover from a tumultuous two years marked by a boardroom
upheaval and disintegration, executive departures and huge job
cuts.


NED KELLY: Liquidation Process Commenced
----------------------------------------
On December 2, 2005, AB Equipment Limited filed an application
to put Ned Kelly Concrete Pumps Limited into liquidation.

The application will be heard before the High Court of Auckland
on March 2, 2006, at 10.45 a.m.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than February 28, 2006, with:

          G. P. Blanchard
          Solicitor for the Plaintiff
          Kensington Swan Solicitors
          18 Viaduct Harbour Avenue
          Auckland, New Zealand


NEPTUNE SECURITIES: Members Agree to Wind Up Firm
-------------------------------------------------
After their general meeting on February 2, 2006, the members of
Neptune Securities Pty Limited decided to voluntarily wind up
the Company's operations and appoint a liquidator for the wind-
up.


P.P.T. PTY: Ordered to Liquidate Business
-----------------------------------------
On February 3, 2006, the Federal Court of Australia ordered the
liquidation of P.P.T. (Structures) Pty Limited, and appointed
Steven Nicols to be liquidator.

Contact: Steven Nicols
         Liquidator
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


SCOTS CHURCH: Appoints Official Receiver
----------------------------------------
Andrew John Love was appointed as the receiver and manager of
Scots Church Development Limited on February 6, 2006.

Contact: Andrew J. Love
         Receiver
         Level 17, 2 Market Street
         Sydney, New South Wales 2000
         Australia


SEL PRICE: To Hold Final Meeting Today
--------------------------------------
The final meeting of the members and creditors of Sel Price
Proprietary Limited is scheduled today, February 28, 2006, where
liquidator K. G. Inns will present an account of the manner of
the Company's wind-up and property disposal.


SPALMAC PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Members of Spalmac Pty Limited held a meeting on January 31,
2006, and agreed on the Company's need to liquidate.  They named
Ian Alexander Cattanach to manage the Company's wind-up
activities.


TELSTRA CORPORATION: Vital Payphones Will Remain, CEO Assures
-------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
February 21, 2006, Telstra Corporation plans to cut 5,000 of its
32,000 payphones in country towns and capital cities over the  
next seven months.

But Telstra Chief Executive Officer Sol Trujillo assures
payphones that are vital to communities will not be cut.  

After a meeting with Liberal and National party MPs and senators
in Canberra, Mr. Trujillo said that the Company would not
jeopardize health and safety in its restructure and in its
efforts to cut costs.

Mr. Trujillo explains that the Company needs to take out non-
productive assets and investments, yet, if there is any
important payphone that is an important part of the community,
which means it is the only one or it is important for health and
safety purposes, the Company will keep it in place.

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5  
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to 2004/05 as a result of
accelerating declines in public switched telephone network
revenues and softening growth in the mobiles market due to
aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
up to 12,000 jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


TERRY BRENAN: Official Assignee to Liquidate Business
-----------------------------------------------------
On February 7, 2006, the Official Assignee was appointed as
liquidator of Terry Brennan Contractors Limited.

Contact: The Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz/  


VILLAGE LIFE: Inks Lease Agreement with ING
-------------------------------------------
The Board of Directors of Village Life Limited advised that it
has entered into an agreement with ING Management Limited, the
responsible entity for the ING Real Estate Community Living
Fund, with regard to its current lease obligations to over 26
Village Life villages.

In consideration for ING Management agreeing to the termination
of the lease arrangements, Village Life has:

     -- surrendered its ownership of 5.1 million units in ILF,
        which were secured under an equitable mortgage with ILF,
        to ING;

     -- agreed to assign its interest in its current Village
        Life developments to ING;

     -- agreed to continue to assist ING with the ongoing
        delivery of Village Life villages under development by
        its licencees;

     -- entered into a three-year master management agreement
        with ING for the ongoing management of the Village Life
        portfolio of villages, subject to annual performance
        appraisals; and

     -- agreed to continue to work with ING to improve the
        performance of the current portfolio of Village Life
        villages.

This arrangement constitutes a significant restructure of
Village Life's affairs, as contemplated by the Directors in its
earlier releases, and is necessary to ensure that Village Life
was able to address the currently onerous nature of the lease
arrangements it had with ILF, which, in the opinion of the
Directors, exceeds the consideration being paid by Village Life
to exit these arrangements.

The Village Life Directors are still working on a number of
other significant issued relevant to the matters disclosed when
the Directors sought an extension to the suspension of Village
Life from the Australian Stock Exchange and will report further
particulars to the market today, February 28, 2006, when the
Company's additional two week suspension ends.

As reported by the Troubled Company Reporter - Asia Pacific on
February 16, 2006, Village Life wanted its current trading
suspension extended until March 1, 2006, to allow the Company
sufficient time to assess the full impact of the issues
described on its half-year financial statements.  

Since the trading halt, the Company has advanced the completion
of its accounts for the half year ended December 31, 2005,
together with negotiations with the responsible entities that
manage the two Trusts from which Village Life Limited leases 26
of its villages.

Headquartered in Milton, Queensland, Australia, Village Life
-- http://www.villagelife.com.au/-- is one of Australia's  
largest providers of rental accommodation for seniors, providing
residents with a safe, affordable and comfortable community
lifestyle; and investors with a unique and secure investment for
life.  Village Life villages can be found throughout Australia.
The sites are chosen for their proximity to preferred
neighborhoods for seniors and adequate access to transport,
shopping, entertainment and health care facilities.  Village
Life has reported a series of profit downgrades since last year
due to higher than expected construction costs and problems on
development approvals.  The downgrades were followed by share
price slumps and a potential class action suit for possible
contravention of the Corporations Act, the Australian Stock
Exchange listing rules and provisions of the Trade Practices
Act.  Litigation funder IMF (Australia) is acting for the
shareholders who allege Village Life engaged in misleading or
deceptive conduct and breached disclosure requirements.


WATERSIDE HOLDINGS: Enters Liquidation Proceedings
--------------------------------------------------
On November 23, 2005, Times Media Group Limited filed a petition
to liquidate Waterside Holdings Limited.

The High Court of Auckland will hear the Petition on March 2,
2006, at 10:45 a.m.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance by February 28, 2006, with:

          Malcolm David Whitlock
          Solicitor for the Plaintiff
          Whitlock & Co.
          care of Level Two, Baycorp Advantage House
          15 Hopetoun Street, Auckland,
          New Zealand


WEBSTER MANUFACTURING: Members to Receive Wind-up Details
---------------------------------------------------------
A final meeting of the members of Webster Manufacturing Pty
Limited will be held today, February 28, 2006.

At the meeting, liquidator D. G. Scott will report the
activities that took place during the wind-up period as well as
the manner of the Company's disposal of property.

Contact: D. G. Scott
         2nd Floor, 83-89 Currie Street
         Adelaide, South Australia 5000


WESTFIN LIMITED: Falls Into Liquidation
---------------------------------------
The liquidation process on Westfin Limited commenced on Feb. 13,
2006.

Joint and several liquidators Bruce Allen Dring and Richard
Brian Burge fix March 3, 2006, as the deadline for the Company's
creditors to make their claims and to establish any priority
their claims may have under Section 312 of the Companies Act
1993.

Contact: Richard Burge
         P.O. Box 30-568
         Lower Hutt, New Zealand
         Telephone: (04) 569 9069


WESTPOINT GROUP: ASIC Confirms Investors Knew of Court Orders
-------------------------------------------------------------
Australian Securities and Investments Commission Chairman
Jeffrey Lucy has clarified the position concerning whether the
regulator alerted investors in two Westpoint Group projects
about ASIC's concerns in relation to their investments.

In June 2004, ASIC wrote to all investors who held promissory
notes issued by Emu Brewery Mezzanine Limited and Bayshore
Mezzanine Pty Ltd alerting them to proceedings commenced in the
Supreme Court of Western Australia.

"Concerns have been raised that ASIC did not alert investors to
the allegations raised by ASIC in these proceedings.  This is
simply not true.  As well, these concerns were well known to the
Westpoint group and its advisers," Mr. Lucy said.

In those proceedings ASIC raised concerns about alleged
deficiencies in the disclosure provided to investors.  A copy of
ASIC's allegations was also provided to each investor.

Mr. Lucy said investors were invited to contact ASIC if they had
any queries about the action.

This letter which was written to investors in accordance with
directions given to ASIC by the Supreme Court of Western
Australia was designed to ensure investors in those projects
were informed about ASIC's concerns.

Despite providing this information direct to investors, ASIC did
not receive any responses.

Mr. Lucy also stated that ASIC is continuing to work hard to
help those investors in Westpoint facing significant losses.

                           Background

ASIC commenced proceedings against Emu Brewery Mezzanine Limited
in May 2004.  These proceedings were heard together with
proceedings commenced by Bayshore Mezzanine Pty Ltd.

ASIC alleged promissory notes issued by these entities needed to
comply with the disclosure provisions set out in the
Corporations Act relating to debentures.  Alternatively, ASIC
argued that the promissory notes created interests in a managed
investment scheme.

ASIC was concerned to ensure investors obtained the benefit of
the fuller disclosure required by the Corporations Act and the
protections provided to investors under the Corporations Act.

In November 2004, the Supreme Court of Western Australia decided
that the promissory notes were not debentures and did not need
to comply with the Corporations Act.  However, the Court
accepted the promissory notes gave rise to interests in a
managed investment scheme.

Emu Brewery appealed that decision and ASIC cross-appealed.  The
appeal was heard last Monday, February 20, 2006.  The Court has
reserved its decision.


WESTPOINT GROUP: Planned Lawsuit Against Advisers to Proceed
------------------------------------------------------------
Law firm Slater & Gordon is going ahead with a class action
against advisers of failed Perth, Australia-based company
Westpoint Corp., News.com.au says.

Slater & Gordon spokeswoman Joanne Rees said the law firm
expects to begin litigation shortly against more than 75
financial planners on behalf of some 2,000 Westpoint investors.

According to the report, the firm has joined litigation fund IMF
to conduct the class action on behalf of at least 150 people who
invested in Westpoint's mezzanine companies. Seven Westpoint
mezzanine financing firms called in administrator Geoff
Totterdell from PricewaterhouseCoopers in December.

The Class Action Reporter stated on January 23, 2006, that the
suit is targeting financial planners because there is little
chance anything can be recovered from Westpoint.  But Slater &
Gordon will determine first which financial planner recommended
the firm's high-risk promissory notes to investors.

Recently, a federal court ordered the liquidation of the Perth,
Australia-based Company. Accountancy firm PBB, the newly
appointed liquidators of Westpoint Corporation Pty Ltd., expects
it will take years to unravel the failed property developer's
finances because of its complexity.  

About 3000 investors are likely to lose a combined $300 million
in Westpoint's collapse.


Y2 BUILDERS: To Liquidate Under Official Assignee
-------------------------------------------------
On February 9, 2006, the Official Assignee was appointed as
liquidator of Y2 Builders Limited.

Contact: The Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz/


================================
C H I N A   &   H O N G  K O N G
================================

401 MAINTENANCE: Appoints Joint and Several Liquidators
-------------------------------------------------------
On February 10, 2006, Cosimo Borrelli and Kelvin Flynn, of
Alvarez & Marsal Asia Limited, were appointed to facilitate 401
Maintenance Services Limited's liquidation.

Contact: Cosimo Borrelli
         Kelvin Flynn
         Alvarez & Marsal Asia Limited
         5th Floor Allied Kajima Building
         138 Gloucester Road,
         Wanchai, Hong Kong
         Telephone: (852) 3102 2600
         Fax: (852) 2598 0060
         e-mail: rbaker@alvarezandmarsal.com


ASIA MILLION: Liquidators Named to Wind Up Assets
-------------------------------------------------
At a meeting of the creditors of Asia Million Development
Limited on February 9, 2006, it was agreed that the Company be
wound up.  Cosimo Borrelli and Kelvin Flynn, of Alvarez & Marsal
Asia Limited, were appointed as joint and several liquidators to
supervise the Company's liquidation.

Contact: Cosimo Borrelli
         Kelvin Flynn
         Alvarez & Marsal Asia Limited
         5th Floor Allied Kajima Building
         138 Gloucester Road, Wanchai, Hong Kong
         Telephone: (852) 3102 2600
         Fax: (852) 2598 0060
         e-mail: rbaker@alvarezandmarsal.com


AWT OCEAN: Names Official Liquidator  
------------------------------------
The creditors of AWT Ocean Transport Limited convened on
February 9, 2006, and decided to liquidate the Company's
business operations.  

The members subsequently named Cosimo Borrelli and Kelvin Flynn,
of Alvarez & Marsal Asia Limited, to facilitate the Company's
wind-up activities.  

Contact: Cosimo Borrelli
         Kelvin Flynn
         Alvarez & Marsal Asia Limited
         5th Floor Allied Kajima Building
         138 Gloucester Road, Wanchai, Hong Kong
         Telephone: (852) 3102 2600
         Fax: (852) 2598 0060
         e-mail: rbaker@alvarezandmarsal.com


BLU SPA: Net Loss Narrows from HK$2.4 to HK$1.6 Mln
---------------------------------------------------
Blu Spa Holdings Limited posted a net loss of HK$1.639 million
in the first half ended December 31, 2005, versus a net loss of
HK$2.435 million in the same period a year earlier, Infocast
News relates.  

Loss per share was 0.27 cent.  No dividend was declared for the
fiscal second quarter.  

Headquartered in North Point, Hong Kong,
Blu Spa Holdings Limited -- http://www.bluspa.com/-- is a  
developer, promoter and distributor of a broad range of
botanical personal care products, treatments and services.  The
Group aims to pioneer a holistic lifestyle approach to beauty
and relaxation by offering its products and spa treatments.  
According to Chong Hing Securities, Blu Spa booked a net loss of
HK$5.70 million in the year ending in June 30, 2005, versus a
net loss of HK$4.56 million a year earlier.  The Company has
total assets of HK$15.46 million while its total liabilities
stood at HK$15.84 million.


CAMPELL INTERNATIONAL: Members Push to Liquidate Firm
-----------------------------------------------------
The members of Campell International (Hong Kong) Limited held a
meeting on February 14, 2006, and agreed to close the Company's
business.

They appointed Lai Kar Yan and Darach Eoghan Haughey to
facilitate the wind-up operations.

Contact: Lak Kar Yan, Derek
         Darach Eoghan Haughey
         Joint and Several Liquidators
         26th Floor, Wing On Centre
         111 Connaught Road, Central,
         Hong Kong


CLOSE TO HEART: Commences Winding Up Process
--------------------------------------------
A winding up petition was served on Close to Heart Co. Limited
on December 21, 2005.

On February 15, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance released an order
to wind up the Company.

Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


DRANSFIELD HOLDINGS: Schedules Meeting for March 2
--------------------------------------------------
The first meeting of creditors and contributories of Dransfield
Holdings Limited will be held on March 9, 2006, at 2:30 p.m.,
at:

          High Court, High Court Bulding, No. 38
          Queensway, Hong Kong
          
ET O'Connell serves as the Company's official receiver and
provisional liquidator.


GAINWIDE TRADING: Liquidator Receiving Claims Until March 31
------------------------------------------------------------
Creditors of Gainwide Trading Limited are required to prove
their debts or claims and on or before March 31, 2006, to:

          Fan Sai Yee
          Liquidator
          Rooms 1009-1012, 10th Floor
          North Point, Hong Kong
          
Failure to comply with this requirement may exclude creditors
from the benefit of any distribution made before the debts are
proved or, as the case may be, from objecting to the
distribution.


GREAT TASK: Nanyang Bank Files Wind-Up Petition
-----------------------------------------------
The Nanyang Commercial Bank has lodged a petition to wind-up
Great Task Limited.

The High Court of Hong Kong Special Administrative Region will
hear the Petition on April 12, 2006, at 9:30 a.m.

Contact: Gallant Y.T. Ho & Co.
         Solicitors for the Petitioner
         5th Floor, Jardine House
         No. 1 Connaught Place
         Central, Hong Kong
         Telephone: (852) 2526-3336
         Fax: (852) 2845-9294
         e-mail: gyth@gallantho.com


GLOBAL MIX: Commences Winding Up Process
----------------------------------------
Global Mix Industrial Limited has received a wind-up order from
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on February 10, 2006.

Contact: Knight & Ho
         Solicitors for the Petitioner
         Rooms 2207-2210, 22nd Floor
         World-Wide House  
         19 Des Voeux Road Central
         Central, Hong Kong
         Telephone: 2332-5773
         Fax Number: 27701331
         e-mail Address: ck@knightho.com.hk


LAPAGAYO LIMITED: Commences Winding Up Process
----------------------------------------------
Lapagayo (Holdings) Limited has received a wind-up order from
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on February 15, 2006.

Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


LIAONING FC: Stares at Bankruptcy
---------------------------------
Football club Liaoning FC was ordered to clear debts totaling
CNY20 million (US$2.5 million) before the 2006 season kicks off
on March 12, 2006, or otherwise be suspended from the Chinese
Super League, Shanghai Daily relates.

The paper says that the oldest debt dates back to 2001 and was
brought into the spotlight in January when the club announced a
reshuffle in ownership.  Liaoning's creditors alleged the move
was a ploy to escape liability, urging the Chinese Football
Association not to endorse the transfer unless the club clears
its debt.

Liaoning FC General Manager Zhang Shuguang said that it is
almost impossible to bail the club out of its debt woes on such     
a short notice, even hinting at the possibility of liquidation.

According to the report, the club has been dogged by accusations
of mismanagement.  Zhao Benshan, a popular comedian, became club
Chairman in 2005, but resigned after only a few months.

Headquartered in Fushun Liaoning, China, Liaoning FC is a
Chinese Super League football club.  They play at the 33,000
seat Fushun Leifeng Stadium.  Beijing Jiahua Group owns 80% of
the club, Liaoning Sports University is also a significant
investor.   They were previously known as Liaoning Zhongyu due
to sponsorship by Zhongyu Automobile Co., Ltd.  Liaoning
finished ninth in the 14-team Super League last season, and like
most clubs, is suffering from a loss of sponsors and poor
attendance.


MCMAXX DESIGNS: Creditors' Proofs of Claim Due on March 30
----------------------------------------------------------
The creditors of McMaxx Designs (H.K.) Limited are required to
submit the particulars of their debts or claims against the
Company by March 30, 2006, to:  

          Young Wai Ching
          Liquidator
          24th Floor
          Prosperous Commercial Building
          54-58 Jardine's Bazaar
          Causeway Bay
          Hong Kong

Failure to comply with the requirements will exclude the
creditors from the benefit of any distribution or from objecting
to the distribution.


RICH CLASS: Decides to Shut Down Business
-----------------------------------------
Members of Rich Class Limited held an extraordinary general
meeting on February 14, 2006, and agreed to:

  -- voluntarily wind up the Company's business operations.

  -- appoint Choy Man Yick as liquidator; and

  -- the audit of the liquidator's accounts of receipts and
     payments will not be required.

Contact: Choy Man Yick
         Liquidator
         12th Floor
         V Heun Buliding
         138 Queen's Road Central
         Hong Kong


SIMPLE MOTOR: Court Enters Wind-Up Order
----------------------------------------
Simple Motor International Limited had presented a petition to
wind up its operations.

On February 15, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance entered a wind-up
order pertaining to the Company.

Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


=========
I N D I A
=========

SINGER INDIA: Parent Wants to Revive Brand Amid Looming Collapse
----------------------------------------------------------------
Singer India Limited's Dutch parent wants to keep the Singer
brand alive in India despite the possible liquidation of its
Indian unit, The Economic Times reports.

Singer India has been declared sick by the Board for Financial
and Industrial Reconstruction.  A revival package is possible
but not expected, the report says.

As a precautionary measure should Singer India fall into
liquidation, Netherlands-based Singer NV set up Brand Trading
India to market Singer sewing machines in India, which has
traditionally been Singer's strong market.  BTI is preparing to
step up its activities if BIFR fails to announce a revival
package for Singer India.

Meanwhile, Singer India has appointed another distribution
company, Asia-Pacific Brands, to market its products, including
small appliances, in other regions of the country.  

According to The Times, the margin generated from the two
distributors will be used to pay off Singer India's liabilities.

Headquartered in New Delhi, India, Singer India Limited
manufactures a wide range of products, which include sewing
machines, refrigerators, washing machines, color televisions,
microwave ovens and other small appliances.  Singer India has
been incurring substantial losses over several years in
succession.  Its parent, Singer NV, believes the unit is
unlikely to turn around.


STERLING HOLIDAY: Restructures Debt and Floats $15-Mln FCCBs
------------------------------------------------------------
Sterling Holiday Resorts (India) Limited has drawn up a three-
year plan which involves the restructuring of its INR83-crore
debt and the issuance of a US$15-million foreign currency
convertible bonds, Business Line reports.

According to the report, Sterling had liabilities of INR211
crore at one stage.  It negotiated with creditors and settled
about INR98 crore.  Subsequently, another INR30 crore was
settled, which leaves the Company a INR83-crore liability.  The
Company had another INR25 crore to pay immediately.  It had
decided to sell surplus assets to raise another INR50 crore to
settle the debt.

Part of the Company's plan is to raise cash in order to settle
its debt, refurbish its existing resorts and complete all
pending projects.

Sterling Resorts was hit by the economic slowdown in 1996.  It
incurred huge losses as sales of timeshares dwindled and was
forced to suspend payment to the creditors and bankers, lay off
workers and downsize operations.  
  
By 2001, the Company was able to break even and it started
paying some of its liabilities owed to small creditors.  By
2004, the markets revived and the properties had appreciated in
value.  There has also been an increase in resort occupancy,
which has been beneficial to the Company's bottomline.

With the debt revamp program, Sterling Resorts expects to
improve its financial status and eventually upgrade its
facilities and service.

Chairman and Managing Director R. Subramanian, however, said it
would take another couple of years to clean up the balance
sheet.  The Company had one lakh timeshare owners and had seen a
cash collection of INR2 crore a month.


SVAM SOFTWARE: To Transfer Control to Shalabh Mittal
----------------------------------------------------
At a meeting on February 24, 2006, the Board of Directors of
Svam Software Ltd decided to:

     -- transfer the control of the Company to Shalabh Mittal,
        Om Prakash Agarwal and Manisha Agarwal, subject to the
        passing of a special resolution of shareholders by means
        of a Postal Ballot; and

     -- approve the draft Notice of Postal Ballot along with the
        draft Special Resolution and Explanatory Statements
        under Section 173(2) of the Companies Act, 1956 to be
        sent to the Company's shareholders.

Svam Software Limite -- http://www.svamsoftware.com/-- was  
incorporated in 1992.  It provides various services such as
hardware supply and network management, software development,
web development, digital image processing and data processing.  
The Company operates in New Delhi, Ahmedabad and Bangalore.  The
Company has continuously incurred losses due to high operating
costs.  In the fourth quarter of fiscal 2005 ending June, the
Svam suffered a net loss of INR0.85 million, up against a net
loss of INR0.48 million in the third quarter of the same year.


=================
I N D O N E S I A
=================

BANK MANDIRI: AGO Withdraws Plan to Probe Ex-Execs' Acquittal
-------------------------------------------------------------
The State Attorney General's Office discontinued its plan to
report the judges that acquitted three former directors of PT
Bank Mandiri who were allegedly involved in a lending scam last
year, the Jakarta Post reports.

The Post discloses that a technical error -- in this case, the
omission of two interjections from spectators: "Come on, babe"
and "The government greets crooks like heroes with the red
carpet" -- led the AGO to plan to report the judges to the
Judicial Commission.  Indonesian law states that interjections
must be recorded in the trial's written transcript.

However, detik.com relates that the AGO later decided to bring
up the matter when it would file an appeal of the decision to
the Supreme Court.

The acquittal of Bank Mandiri CEO E.C. W. Neloe, and directors I
Wayan Pugeg and M. Sholeh Tasripan by the South Jakarta District
Court last week caused an uproar, as prosecutors had sought the
maximum 20-year jail sentence for the accused.  In March 2005, a
report by the State Audit Agency revealed "irregularities" in
loans extended by Bank Mandiri to firms that had not conducted
due process for such loans, which persuaded the Attorney
General's Office to conduct a formal investigation.  The three
directors had been detained since May 2005 for their alleged
knowledge and involvement in extending the loans.

Bank Mandiri -- http://www.bankmandiri.co.id/-- Indonesia's        
largest and best capitalized bank in terms of assets, loans and    
deposits, provides comprehensive financial services to more than    
six million corporate and individual consumers, as well as small    
and medium-sized enterprises in Indonesia.  Its total assets as    
of March 31, 2002 were IDR261.9 trillion, roughly 24% of the    
assets in the banking system, and its capital adequacy ratio of    
27% is far higher than the minimum required level of 8% by the    
Bank of International Settlements.

Bank Mandiri's troubles began in December 1999, when the state
bank combining four other state banks posted losses totaling
Rp6.8 trillion (US$ 942 million) during the first two months of
operation.  In September 2003, Bank Mandiri asked the approval
of shareholders to hold a quasi-reorganization so that it can
pay dividends to the shareholders in 2004.  Before the quasi-
reorganization, there had been loss accumulation worth Rp163
trillion.  As of September 2005, Bank Mandiri's non-
performing loans comprised 24.57% of its total loans.  
Accumulated unresolved debts and higher interest rates led to
the 7.49% increase in the bank's non-performing loans.  
Subsequently, Bank Mandiri is subject to special monitoring by
the central bank due to its high level of non-performing loans,
although it can still extend credit to borrowers.  In December
2005, Bank Mandiri reported that its third-quarter net profits
plummeted 56.7% to IDR610.7 billion (US$60.86 million) from
IDR1.41 trillion in the same period in 2004.  In February, the
bank sought the Government's help to resolve its non-performing
loan problems and to approve its plan to set up a debt
management agency together with Bank Negara Indonesia, as a
state finance law and a finance ministry regulation prohibit
state banks from writing off debts without permission from the
Finance Minister.


DIRGANTARA INDONESIA: Targets to Sell 21 Planes to Thailand
-----------------------------------------------------------
PT Dirgantara Indonesia is hoping to sell 21 CN-235 airplanes to
Thailand by 2007, Asia Puse relates.

State Enterprises Minister Sugiharto met with President Susilo
Bambang Yudhoyono to update him on a follow-up of a meeting with
Thai Prime Minister Thaksin Shinawatra late last year.

According to Minister Sugiharto, Thailand will pay cash for the
aircraft, estimated to cost IDR4.2 trillion.   An Indonesian
delegation went to Thailand recently to study the country's
defense and agricultural needs, Asia Pulse reports.  Minister
Suigharto said that they tried to convince the Thai government
that PT DI could produce the aircraft they needed.  Of the 21
planes, 15 would go to the Thai military, while the remaining 6
would go be used by the Thai Agricultural Department.

Once the purchase contract is signed, the orders would be
processed within the next year or so.

PT Dirgantara Indonesia -- http://www.indonesian-aerospace.com/    
-- is one of the indigenous aerospace companies in Asia with
core competence in aircraft design, development and manufacture
of civilian and military regional commuter aircraft.  In
production line, Dirgantara Indonesia has delivered more than
300 units of aircraft & helicopters, defense system, aircraft
components and other services.  PT DI was not able to fully
recover from the 1998 Asian financial crisis, and has sought
government help to turn its business around.  It has urged the
Government to support the industry by purchasing aircraft from
PT DI, and is currently marketing its products to neighboring
countries in the region.


GARUDA INDONESIA: Net Loss Stands at IDR46.5 Billion
----------------------------------------------------
Ailing carrier PT Garuda Indonesia posted a SGD46.5 billion net
loss in January, Asia Pulse reports, citing Investor Daily.

According to Garuda finance director Alex Maneklaran, Garuda
Indonesia has a negative financial condition, but management had
already anticipated it.  Last year, the Company posted a January
net loss of IDR56.1 billion.

At present, Garuda is concentrating its efforts on repaying its
debts with foreign creditors under the European Credit Agency,
which were due last December 31, 2005.

Garuda management hopes to receive IDR520.4 billion in funds,
promised by the Indonesian government, by next month.


=========
J A P A N
=========

CULTURE CONVENIENCE: METI OKs Business Restructuring Plan
---------------------------------------------------------
The Ministry of Trade and Industry has authorized the business-
restructuring plan of Culture Convenience Club Company Limited
under the Law on Special Measures for Industrial Revitalization.

Headquartered in Tokyo, Japan, Culture Convenience Club Co. Ltd
-- http://www.ccc.co.jp/-- operates franchise stores under the  
name of Tsutaya nationwide for rental of CD's and videos and
sales of books and game software.  The operations are carried
out through the following divisions: Franchise operations; Store
management; Internet and Contents.  On January 25, 2006, Japan
Credit Rating Agency Limited has removed the rating on senior
debts of Culture Convenience Club from the credit monitor and
affirmed it as BBB upon the announcement of the Company's shift
to a holding Company structure on November 8, 2005.  The shift
to a holding Company structure aims at efficient management
style in the midst of business expansion.  The Company's
acquisitions of Rentrak Japan and other three IT companies aim
for smooth operations of the group as a whole.  The Company will
incur net loss for the current fiscal year due to financial
burden for these acquisitions and one-time write-downs of
consolidation goodwill adjustment account.  Impact of these
costs, however, will be small, given the fact that acquisition
of Rentrak Japan will be made via stock swap and that the
Company issued stock purchase right to a third party in a
private placement.  JCR affirmed the rating on the Company,
removing it from Credit Monitor, believing that impact of shift
to a holding company structure and of acquisitions of the
companies above will be small.


JAPAN AIRLINES: Vice President Likely to Step Down
--------------------------------------------------
Japan Airlines Vice President Katsuo Haneda may resign, but
President and Chief Executive Officer Toshiyuki Shinmachi will
keep his post, as the firm attempts to end the rebel-induced
conflict plaguing the struggling airline, Yomiuri Shimbun
reports.

The Company will hold an extraordinary meeting of the board of
directors on March 3, 2006, to solve the internal strife.

In addition, four JAL international subsidiary executives,
including Managing Director Makoto Fukada, who sought the
resignations of Mr. Shinmachi and two other executives, also
might quit.

On February 10, the airline's board members demanded that Mr.
Shinmachi, Mr. Haneda and Senior Managing Director Hidekazu
Nishizuka, who hold the rights to represent the firm, to resign
to take responsibility for the carrier's poor performance.

Headquartered in Tokyo, Japan, Japan Airlines Corporation
(formerly Japan Airlines System Corporation)
-- http://www.jal.com/en/-- was created as a result of the  
merger of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Combined, the airlines serve more than 170 cities in
some 30 countries and operate more than 270 mostly jet aircraft.  
Both carriers continue to operate separately as Japan Airlines
International Co. Ltd. and Japan Airlines Domestic, though they
are combined in a single brand as JAL/Japan Airlines.  JAL's
international passenger operations incurred losses in recent
years due to negative factors such as the severe acute
respiratory distress syndrome epidemic and terrorism fears.  For
the full fiscal year ending March 2006, JAL forecasts a group
net loss of JPY47 billion.  As result of a series of incidents
relating to the safety of flight operations, in March 2005, the
JAL Group was the subject of a business improvement order and
administrative warnings relating to assurances on air
transportation safety issued by the Ministry of Land,
Infrastructure and Transport.  In the fiscal year 2005-2007
Medium-Term Business Plan announced that in order to implement
the reform of the corporate structure and the cost structure
swiftly, the holding Company and operating companies are to be
integrated.  Specifically, in fiscal 2005 the corporate planning
and marketing functions will be integrated and further steps to
eliminate overlapping jobs and streamline the organization will
be taken with a view to achieving substantial integration, the
aim being to virtually integrate the holding company and the
operating company.  In addition, during fiscal 2005, the number
of full-time officers was cut by 30%, a reform that was
completed on April 1, 2005.  For the JAL Group, there was a
year-on-year decline in passenger demand on international
routes, primarily because of a delay in the recovery of demand
on routes to China and Southeast Asia.  Domestic passenger
demand also faltered and fell below its year-earlier level,
particularly among individual passengers, as a result of factors
such as the series of safety problems that occurred.  Demand for
international cargo services also registered a year-on-year
decline overall, owing to the weakness of demand on routes from
Japan to East Asian countries and the United States.  The
persistence of aviation fuel prices at record-high levels
compounded the situation and meant that the environment in which
the JAL Group operated remained exceptionally harsh.


KONICA MINOLTA: Launches Everplay Standard
------------------------------------------
Konica Minolta Photo Imaging Inc., Fuji Photo Film Co., Ltd. and
Eastman Kodak Company, founding members of the former Picture
Archiving and Sharing Standard, launched the EVERPLAY standard
designed to ensure compatibility of digital photos and motion
images across a broad range of consumer products for future
generations.

Methods to organize and preserve digital images have evolved
independently by many different companies and have lost
interoperability among the different systems.  There are also
potential problems as time passes, systems evolve and formats
change.  The new EVERPLAY standard aims to resolve these issues
and respond to consumers' needs to protect images and enjoy
widespread interoperability.  The standard is designed to make
it easy to implement and uses XML next-generation language in
its specification.

Konica Minolta, Fujifilm and Kodak will begin a free license
program immediately and call for the adoption of the EVERPLAY
standard by all consumer digital imaging companies.  The goal
for products and services is to use images interchangeably and
movies ubiquitously while at the same time, acknowledge the
value for protecting consumers' images.

By signing the licensing agreement, which is available on the
Web site, any company can acquire a royalty-free license to
execute the specification, use the trademarks and obtain rights
to the patents owned by the EVERPLAY founders.

Further, the following tools will be provided at no cost:
Software development kit (SDK) v1.10 and Verifying tool v1.10.
Details can be obtained from http://www.everplay-spec.org/

In concurrence with the completion of the standard, the new name
"EVERPLAY" replaces "PASS" and shall be used as an
interchangeable name for the specification and related
communication.  A trademark, "EVERPLAY," and associated logo
have been registered to help with future identification of
products and services compliant to the standard.

Headquartered in Tokyo, Japan, Konica Minolta Group's --
http://www.minolta.com/-- business domain spans "from imaging  
input to output."  The Group offers diverse products and
services for new digital imaging environments in a wide range of
fields.  In November 2005, implemented a withdrawal program for
its camera and photo businesses and aggressively shifted its
management resources to other Konica Minolta Group companies, as
part of a restructuring plan.  The company also said that it
will slash its global workforce by 3,700 from the current 33,000
through an early retirement offering by September 30, 2007.  The
restructuring costs are already included in the forecast for
fiscal year ending March 31, 2006.


PIONEER CORPORATION: R&I Downgrades Rating to BBB+
--------------------------------------------------
Rating and Investment Information, Incorporated has downgraded
the rating of Pioneer Corporation to BBB+ from A-.  The rating
outlook is stable.

Although Pioneer Corporation is securing stable profits in the
car electronics business, sales prices have declined faster than
cost reductions in the company's mainline DVD and plasma display
panel (PDP) businesses, and income in the home electronics
business has deteriorated significantly.  Pioneer is trying to
improve income by suspending in-house development of DVD
recorders in the popular price band and actively promoting joint
production and tie-ups with other companies, but profits are
struggling even though it is a top class manufacturer.  

In the PDP business, the Company has reduced its original
equipment manufacturing (OEM, production by partner brands)
operations, and fixed costs will decline from the year ending
March 2006 due to the recording of impairment loss expenses.
However, rival manufacturers have adopted a strategy of boosting
mass production systems to reduce costs while significantly
cutting sales unit prices, and profits for the business for the
year ending March 2007 will also suffer.  The effects of
structural reform have been offset by the decline in sales
prices to some extent, and there is still a possibility that
earnings in the home electronics business will not improve in
line with projections.

In addition, as patent royalty income, which had made a
contribution as a pillar of earnings for many years, tend to
decline, the company's financial structure is also deteriorating
due to the booking of restructuring expenses, such as its
withdrawal from the active matrix organic electro-luminescence
business.  As a result, R&I have downgraded the rating from A-
to BBB+. Following the downgrading, the rating outlook is
Stable.

Headquartered in Tokyo, Japan, Pioneer Corporation
-- http://www.pioneer.co.jp/-- is a maker of consumer and  
commercial electronics, about 40% of its sales come from car
electronics (stereos, speakers, navigation systems), which are
sold to retailers and automobile manufacturers.  Pioneer also
makes video equipment (projection TVs, DVD players and DVD
recorders, plasma displays) and audio products (stereo
components, stereo systems).  It also sells products to business
customers (plasma displays, AV systems, factory automation
systems) and, through Disco vision Associations (United States-
based subsidiary), it generates revenue from licensing optical
disc technologies.  Pioneer has more than 30 manufacturing
facilities worldwide.

In February 2005, Standard & Poor's Ratings Services lowered its
long-term issuer credit and senior unsecured debt ratings on
Pioneer Corp. to 'BBB' from 'BBB+' reflecting substantial
deterioration in earnings in the Company's home electronics
business and weak prospects for early recovery in performance.  
The rating action also reflects the subsequent deterioration in
cash flow protection.  By November 2005 S&P placed its 'BBB'
ratings on Pioneer on CreditWatch with negative implications,
following the Company's yet weaker profit forecast for fiscal
2005 (ending March 31, 2006).  In December 2005, Pioneer
announced business restructuring plans that involve improving
management efficiency through organizational restructuring.  The
Company dismantled its current "internal company" system as of
January 1, 2006, and reorganized into a two-department set-up
featuring the Home Entertainment Business Group and the Mobile
Entertainment Business Group.  All operations related to plasma
displays, DVD products and home audio products will be
integrated into the Home Entertainment Business Group.  The Home
Entertainment Business Group staff, currently working at three
locations, will be consolidated at one location in Japan by
2007.  Furthermore, the Company's entire head office
organization, particularly administrative and back office
operations, will be reorganized by around April 2006.  As part
of Pionner's efforts to reduce fixed costs for the entire group,
it is also consolidating its worldwide production sites from 40
to about 30, and in this regard, cutting about 2,000 employees,
mostly at overseas production sites.


=========
K O R E A
=========

ASIANA AIRLINES: Summoned in U.S. Legal Suits  
---------------------------------------------
Asiana Airlines is a defendant in two suits alleging collusion
between major international airlines to set airline fares by
raising surcharges for fuel and security, Newsday.com reports.

The legal actions have been filed in the United States District
Court in Brooklyn, New York.

One suit was filed by Fleurchem Inc., a Middletown, New York
supplier of ingredients for flavors and fragrances.  The case
alleges that airlines began conspiring "on or around"
January 1, 2000.  Barbara J. Hart, an attorney at Labaton
Sucharow & Rudoff in Manhattan, is representing Fleurchem.

The second suit was filed by an animal shipping Company Animal
Land Inc. of Atlanta.  The suit alleges that airlines "used the
aftermath of the 9/11 attacks ... as a pretext for coordinated
price increases in the form of surcharges for additional
security measures".  Garrett Blanchfield, a lawyer for Reinhardt
Wendorf and Blanchfield of St. Paul, Minnesota represents Animal
Land.

The suits, which both seek class action status, came a week
after the Justice Department and European law-enforcement
authorities launched investigations into possible air-cargo
price-fixing.

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana
Airlines Incorporated -- http://www.asiana.co.kr/-- is engaged  
in air transportation, engineering, construction, facilities,
electricity, ground handling, catering, communication, logo
products and e-business.


LG CARD: January Delinquency Rate Drops Over 50%
------------------------------------------------
LG Card Company's delinquency rate for the month of January fell
more than a half percentage point compared to a month earlier,
Yonhap News Agency reports.

The percentage of card bills and loans unpaid for 30 days and
longer was down to 7.36% in January from 7.89% in December, the
Company said.

Normal assets amounted to KRW9.3 trillion (US$9.5 billion) in
January, up KRW88.4 billion from December.

This year, the company expects a stable growth in earnings
resulting from a rise in normal assets and aggressive marketing.

LG Card Co. -- http://www.lgcard.com-- has been in the hands of  
creditors since it was rescued from bankruptcy through a KRW5
trillion (US$4.78 billion) debt-for-equity swap and a further
KRW1 trillion bailout in late 2004.  The Company is
headquartered in Seoul, South Korea.


===============
M A L A Y S I A
===============

ACP INDUSTRIES: Books MYR2,317,000 Net Loss in 3Q/FY05
------------------------------------------------------
ACP Industries Berhad has released its unaudited third quarter
financial statement for the financial period ended Dec. 31,
2005.

             Summary of Key Financial Information
                      December 31, 2005
        
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

    87,830        97,874          240,538       257,434

(2) Profit/(loss) before tax

    -1,914        -2,444            5,508        -6,730

(3) Profit/(loss) after tax and minority interest  

    -2,317        -4,584            3,951        -8,951

(4) Net profit/(loss) for the period

    -2,317        -4,584            3,951        -8,951

(5) Basic earnings/(loss) per shares (sen)

     -1.75         -3.49             2.98         -6.76

(6) Dividend per share (sen)

      1.00          4.00             1.00          4.00

(7) Net assets per share (MYR)

      As at end of               As at Preceding
    Current Quarter            Financial Year End

        2.6000                      2.5600

The financial statement is available for free at:

   http://bankrupt.com/misc/ACPIndustriesQR2005.xls

The notes to financial statement are also available at:

  http://bankrupt.com/misc/ACPIndustriesQuarterlyReport'sNotes2005.doc

Headquartered in Petaling Jaya, Malaysia, ACP Industries  
Berhad's (ACPI) -- http://www.acpibhd.com-- principal   
activities are divided into three divisions namely: (a)
Infrastructure, which includes specializing in the heavy   
engineering sector and dealing with traditional products; (b)
Buildings, which consist of fast track projects throughout
Malaysia such as hospitals, matriculation centers and schools
and supplies and installs architectural facades for the high-
profile Government office complex project; and (c) Services,
which include water and wastewater engineering.


AMTEK HOLDINGS: Inks Deal to Sell Units to Pensonic
---------------------------------------------------
On February 24, 2006, Amtek Holdings Berhad entered into a
Memorandum of Understanding with Pensonic Holdings Berhad in
relation to Amtek's proposed disposal of its entire equity
interest in Amtek Marketing Services Sdn Bhd and Amtek Services
Pte Limited.

             About Amtek Marketing Services Sdn Bhd

Amtek Marketing was incorporated in Malaysia on January 22, 2003
under the Companies Act, 1965 as a private limited company.   It
is principally involved in the marketing and distribution of
electrical goods in Malaysia.

The present authorized share capital of Amtek Marketing is
MYR5,000,000 comprising 5,000,000 ordinary shares of MYR1.00
each while its issued and paid-up share capital is MYR2,000,000
comprising 2,000,000 ordinary shares of MYR1.00 each.  The
audited net assets of Amtek Marketing as at June 30, 2005 was
approximately MYR2.04 million while the profit after taxation
for the financial year ended June 30, 2005 was approximately
MYR0.35 million.  Amtek Marketing is a wholly owned subsidiary
of Amtek Holdings.

                About Amtek Services Pte Limited

Amtek Services was incorporated in Singapore on March 25, 2003
as a private limited company.  It is principally involved in the
marketing and distribution of electrical goods in Singapore.

The present authorized and issued share capital of Amtek
Services is SGD500,000 comprising 500,000 ordinary shares of
SGD1.00 each.  The audited net assets of Amtek Marketing as at
June 30, 2005 was approximately SGD0.58 million (equivalent to
approximately *MYR1.32 million) while the profit after taxation
for the financial year ended June 30, 2005 was approximately
SGD0.05 million (equivalent to approximately *MYR0.12 million).
Amtek Services is a wholly owned subsidiary of Amtek Holdings.

(* Based on the average foreign exchange rate of MYR2.2576:
SGD1.00 as at June 30, 2005)

                       Details of the MoU

Pensonic shall conduct the due diligence exercise on Amtek
Marketing and Amtek Services within reasonable time after the
execution of the MOU.

The purchase consideration for the Proposed Disposal will       
be satisfied by cash and shall be determined upon the       
completion of the due diligence exercise

The final terms and conditions of the Proposed Disposal, which
are subject to the findings of the due diligence exercise, will
be incorporated into a formal and legal Sale and Purchase
Agreement, to be executed in due course.

               Rationale for the proposed disposal

The proposed disposal is part of the reorganization exercise
undertaken by Amtek Holdings to streamline its operations and
de-gear its balance.  The proposed disposal will enable Amtek
Holdings to focus on its three core businesses, which comprise
of retail, frozen food and Garment and apparels.  Bulk of the
proceeds will be used to pay off the bank loans and remaining
will be retained as working capital for the existing businesses.

Headquartered in Kuala Lumpur, Malaysia, Amtek Holdings Berhad's
principal activities are the marketing and distribution of
garments and electrical goods.  Its other activities include
manufacture of shoes, garments and food products, trade of
fabrics and related accessories, marketing and distribution of
jeans wear, property investment, provision of management
services and investment holding.  Operations are carried out in
Malaysia, Europe, Australia, Singapore, United States and other
Asian countries.  The Company is currently undergoing a business
reorganization program.


AYER HITAM: Unit Faces Wind-up Proceedings
------------------------------------------
The solicitors of Ayer Hitam Tin Dredging Malaysia Berhad
advised that the Court has fixed the winding up petition served
on Pembinaan Aht Sdn Bhd, a 100% owned subsidiary of the Company
for further mention on April 25, 2006 pending settlement.

The Troubled Company Reporter - Asia Pacific reported on
November 25, 2005, that the Notice of Motion for a stay of
winding up proceedings is fixed for hearing on February 22,
2006, for mention only.

Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin
Dredging Malaysia Berhad -- http://www.ahtin.com.my-- is  
involved in property development and the trading of promotional
products and services in Malaysia.  The Company is also engaged
in the trading of uninterrupted power supply equipment and
magnetic fuel treatment systems and the provision of investment
holding, nominee services, hotel development and management and  
renovation services.


HO WAH: Net Loss Hits MYR36,592,000 in 4Q/FY05
----------------------------------------------
Ho Wah Genting Berhad has submitted its unaudited fourth quarter
financial statement for the financial period ended
December 31, 2005.

            Summary of Key Financial Information
                      December 31, 2005

         Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

     38,327        43,457         189,148        200,070

(2) Profit/(loss) before tax

    -35,123       -36,316         -42,265        -70,603

(3) Profit/(loss) after tax and minority interest

    -36,592       -32,124         -46,008        -66,582

(4) Net profit/(loss) for the period

    -36,592       -32,124         -46,008        -66,582

(5) Basic earnings/(loss) per shares (sen)

    -13.27         -12.25          -17.20         -25.59

(6) Dividend per share (sen)

      0.00           0.00            0.00           0.00

(7) Net assets per share (MYR)

     As at end of               As at Preceding
    Current Quarter            Financial Year End

        0.3000                     0.4100

The financial statement is available for free at:
   
   http://bankrupt.com/misc/HoWahGenting05Dec.doc

Ho Wah Genting Berhad's principal activities are the manufacture
of moulded power supply cord sets and cable assemblies for
electrical and electronic devices and equipment.  Other
activities include operation of hotel, casino, resort,
entertainment and leisure activities, manufacture of wires and
cables, investment holding and provision of management services.  
Operations are carried out in Asia and North America.


INFORTECH ALLIANCE: Suffers MYR1,785,000 Net Loss in Q4/FY05
------------------------------------------------------------
Infortech Alliance Berhad unveiled its unaudited fourth quarter
financial statement for the financial period ended
December 31, 2005.

              Summary of Key Financial Information
                      December 31, 2005
        
         Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue  
  
        556           762           3,168          3,457

(2) Profit/(loss) before tax

     -1,773        -1,239          -2,746         -1,806

(3) Profit/(loss) after tax and minority interest

     -1,785        -1,227          -2,769         -1,808

(4) Net profit/(loss) for the period

     -1,785        -1,227          -2,769         -1,808

(5) Basic earnings/(loss) per shares (sen)

      -2.92         -2.04           -4.53          -3.01

(6) Dividend per share (sen)

       0.00          0.00            0.00           0.00

(7) Net assets per share (MYR)

    As at end of               As at Preceding
   Current Quarter            Financial Year End

      8.8000                      13.3000

The financial statement is available for free at:

   http://bankrupt.com/misc/INFORTECH

Headquartered in Selangor Darul Ehsan, Malaysia, Infortech
Alliance (IA) is a group of software and service companies with
a common goal of serving multinational nations across Asia.  IA
strives to help multinationals, both big and small, to manage
and operate their businesses across Asia effectively and
efficiently.   


FUTUTECH BERHAD: Incurs MYR2,806,000 Net Loss in 4Q/FY05
--------------------------------------------------------
Fututech Berhad's unaudited fourth quarter financial statement
for the financial period ended December 31, 2005 has been
submitted to Bursa Malaysia Securities Berhad.

            Summary of Key Financial Information
                      December 31, 2005
        
         Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

     19,623        20,861          55,953         85,427

(2) Profit/(loss) before tax

     -2,510           -20         -13,209          2,724

(3) Profit/(loss) after tax and minority interest

     -2,806          -877         -13,911            373

(4) Net profit/(loss) for the period

    -2,806           -877         -13,911            373

(5) Basic earnings/(loss) per shares (sen)

     -4.78          -1.52          -23.77           0.65

(6) Dividend per share (sen)

      0.00           0.00            0.00           0.00

(7) Net assets per share (MYR)

      As at end of               As at Preceding
    Current Quarter            Financial Year End

        1.3000                      1.5400

The financial statement is available for free at:

   http://bankrupt.com/misc/FututechBerhadFinancialresults.xls

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/FututechBerhadNotes.xls

Headquartered in Kuala Lumpur, Malaysia, Fututech Berhad
-- http://www.fututech.com.my/nutshell.htm-- was formerly  
listed under the name of Ulbon Berhad on the Kuala Lumpur Stock
Exchange (KLSE), Malaysia since 1996.  Its main business then
was the production of steel rods.  Later in 2000, the Group
shifted its business emphasis to the design and manufacturing of
innovative products for the local and global markets.  In line
with its change of business direction, the name Fututech Berhad,
which was inspired by abbreviating the actual words of "future
technology", was chosen to replace Ulbon Berhad in 2000.


INCH KENNETH: Books MYR12,094,000 Net Loss in 4Q/FY05
-----------------------------------------------------
Inch Kenneth Kajang Rubber Public Ltd Company unveiled its
unaudited fourth quarter financial statement for the financial
period ended December 31, 2005.

            Summary of Key Financial Information
                      December 31, 2005

         Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

      4,808           481           9,191          5,709

(2) Profit/(loss) before tax

    -12,125         7,527         -26,054         26,348

(3) Profit/(loss) after tax and minority interest

    -12,094         6,874         -26,404         25,292

(4) Net profit/(loss) for the period

    -12,094         6,874         -26,404         25,292

(5) Basic earnings/(loss) per shares (sen)  

      -5.16         91.55          -11.27         314.80

(6) Dividend per share (sen)

       0.00          7.32            0.00           7.32

(7) Net assets per share (MYR)

      As at end of               As at Preceding
    Current Quarter            Financial Year End

        1.2600                     87.0000

The financial statement is available for free at:

   http://bankrupt.com/misc/InchKennethikkq4-2005.doc

Headquartered in Kuala Lumpur, Malaysia, Inch Kenneth Kajang
Rubber, Public Limited Company is involved in the operation of
tourism, which include rental of rooms and sale of food and
beverages.  Other activity includes the sale of crops.  The
Group is also involved in investment holding and on business as
an oil palm grower in Selangor, Malaysia. The Group does not
export goods to the United Kingdom.  The Group operates in
Malaysia.


KEMAJUAN TONG: Wind-Up Hearing Slated for March 23
--------------------------------------------------
The Board of Directors of Astral Supreme Berhad informed that
Singatronics (Malaysia) Sdn Bhd, a wholly owned subsidiary of
Astral Supreme had filed a winding-up petition against Kemajuan
Tong Wang Sdn Bhd.

The Court will hear the Petition on March 23, 2006.

On October 27, 2003, Singatronics had placed MYR7.5 million
deposits with its fund manager, Pica Asset Management Sdn Bhd.
Pica had invested the funds in 750,000 Irredeemable Convertible
Preference Shares (ICPS) of MYR10 each in KTW of which MYR5.5
million was recouped when Pica sold the ICPS.  A balance of
MYR2.0 million is still outstanding as Gagah Timur Sdn Bhd, the
party to whom the Put Option Agreement was signed, had failed to
make payments.  Astral had received a letter from Kemajuan
undertaking the repayment of the MYR2.0 million.

Singatronics had made full allowance for the debt of MYR2.0
million.


KEMAYAN CORPORATION: SC Won't Extend Time for Rehab Execution
-------------------------------------------------------------
The Securities Commission turned down Kemayan Corporation
Berhad's application to extend the deadline for:

  -- the procurement of individual land titles issued by the
     relevant authorities and registration of the land titles
     under the name of Kedah Resort City Sdn Bhd for the
     properties located at Lot 2, 1582 and 2259, Mukim Merbok,
     Lot 8, 12 - 13, 16, 776 - 778, 780 and 23 other lots
     including state government land, Mukim Bujang and Lot 761,
     1358 and 1780 including state government land, Mukim
     Semeling, Daerah Kuala Muda, Kedah; and

  -- the full implementation of the Company's Proposed
     Restructuring Scheme.

The rejection was based on these factors:

(i) KCB has already been informed vide SC's letter dated
     June 10, 2005 that the SC's approval on the application for
     extension of time as stated in the Letter was the final
     approval and any further application for extension of time
     to fully implement the Proposed Restructuring Scheme will
     not be considered by the SC in the future; and

(ii) The long period of time granted of approximately 2.5 years
     from July 16, 2003 to November 30, 2005 for KCB to resolve
     the mentioned matters.

In view of this development, the Board of Directors of KCB will
make an appeal to the SC for their reconsideration of the
current decision.

Further development on the Proposed Restructuring Scheme will be
announced in due course.

Headquartered in Johor Darul Takzim, Malaysia, Kemayan  
Corporation Berhad -- http://www.kemayan.com/-- develops,   
constructs and manages properties.  The firms' other activities  
include the operation of resorts, cultivation of palm oil,  
trading of office equipment and supplies and the provision of  
management, engineering and investment holding services.   
Operations of the Group are carried out in Malaysia, Asia  
Pacific and others.


KRAMAT TIN: Net Loss Shrinks to MYR112,000 in 4Q/FY05
-----------------------------------------------------
Kramat Tin Dredging Berhad's unaudited fourth quarter financial
statement for the financial period ended has been released to
Bursa Malaysia Securities Berhad.

            Summary of Key Financial Information
                      December 31, 2005

         Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

          0             0               0              0

(2) Profit/(loss) before tax

       -107          -570            -524         -1,358

(3) Profit/(loss) after tax and minority interest

       -112          -483            -545         -1,303

(4) Net profit/(loss) for the period

       -112          -483            -545         -1,303

(5) Basic earnings/(loss) per shares (sen)

       0.00          0.00            0.00           0.00

(6) Dividend per share (sen)

       0.00          0.00            0.00           0.00

(7) Net assets per share (MYR)

      As at end of               As at Preceding
    Current Quarter            Financial Year End

        0.6800                     0.8200

The financial statement is available for free at:
   
   http://bankrupt.com/misc/KramatTin4Q2005.xls

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/KramatTin4thQtr31Dec2005.doc

Headquartered in Kuala Lumpur, Malaysia, Kramat Tin Dredging  
Berhad is currently in the process of identifying suitable  
business opportunities.  In July 2001, the Company wound down  
its tin dredging operations.


KUB MALAYSIA: 4Q/FY05 Net Loss Slips to MYR21,392,000
-----------------------------------------------------
KUB Malaysia Berhad has released its unaudited fourth quarter
financial statement for the financial period ended
December 31, 2005.

            Summary of Key Financial Information
                      December 31, 2005

         Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

    265,630       237,853         827,601        799,811

(2) Profit/(loss) before tax

    -12,214       -51,467         -26,645         -9,979

(3) Profit/(loss) after tax and minority interest

    -21,392       -52,515         -38,865        -18,050

(4) Net profit/(loss) for the period

    -21,392       -52,515         -38,865        -18,050

(5) Basic earnings/(loss) per shares (sen)

     -3.98          -9.77           -7.22          -3.50

(6) Dividend per share (sen)

      0.00           0.00            0.00           0.00

(7) Net assets per share (MYR)

      As at end of               As at Preceding
    Current Quarter            Financial Year End

        0.7000                     0.7600

The financial statement is available for free at:
   
   http://bankrupt.com/misc/KUBMalaysiaklse31122005.doc

Headquartered in Kuala Lumpur, Malaysia, KUB Malaysia Berhad
-- http://www.kub.com.my/home.html-- provides information and  
communications technology, liquefied petroleum gas, property
engineering and construction, provision of education and
training, food and beverages.  Other activities include
investment holding, manufacturing of mild steel pipes and
garments, oil palm plantation, trading of consumer products and
advertising/event management services.  The Group operates
mainly in Malaysia.  


LIEN HOE: Net Loss Hits MYR6,075,000 in 4Q/FY05
-----------------------------------------------
Lien Hoe Corporation Berhad's unaudited fourth quarter financial
statement for the financial period ended December 31, 2005, has
been released to Bursa Malaysia Securities Berhad.   

            Summary of Key Financial Information
                      December 31, 2005

         Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

     30,830        21,458         101,890         97,902

(2) Profit/(loss) before tax

     -7,719       -31,508         -29,161        -37,092

(3) Profit/(loss) after tax and minority interest  

     -6,075       -31,803         -28,790        -38,523

(4) Net profit/(loss) for the period

     -6,075       -31,803         -28,790        -38,523

(5) Basic earnings/(loss) per shares (sen)  

      -2.01        -10.64           -9.52         -12.89

(6) Dividend per share (sen)

       0.00          0.00            0.00           0.00

(7) Net assets per share (MYR)   

      As at end of               As at Preceding
    Current Quarter            Financial Year End

        0.6900                     0.7900

The financial statement is available for free at:

   http://bankrupt.com/misc/LienHoeqtr42005.xls

Headquartered in Petaling Jaya, Selangor, Malaysia, Lien Hoe  
Corporation Berhad -- http://www.lienhoe.com.my/home.htm-- is   
engaged in building and civil works, property investment,  
operation of hotel operations and property development.  The  
Company is also engaged in the management of food court, car  
park operations and property and investment holding.  The Group  
principally operates in Malaysia.


MENTIGA CORPORATION: SC Extends Deadline to August 31
-----------------------------------------------------
The Securities Commission has given Mentiga Corporation Berhad
until August 31, 2006 to implement:

   -- the proposed revaluation of the property assets of Mentiga
      and its subsidiaries;

   -- the proposed debt settlement via the issue of new ordinary
      shares of MYR1.00 each in Mentiga as settlement of an
      amount owing by Mentiga to its shareholder, Amanah Saham
      Pahang Berhad (ASPA);

   -- the proposed restricted issue of 20,000,000 redeemable
      convertible preference shares of MYR1.00 each in Mentiga
      to ASPA; and

   -- the proposed disposal by Selat Bersatu Sdn Bhd, a 56
      percent-owned subsidiary of Mentiga, of 18,900 ordinary
      shares of IDR1,000,000 each in PT Rebinmas Jaya,
      representing its entire 90% equity interest in PTRJ to
      Delloyd Plantation Sdn Bhd and Taipan Hectares Sdn Bhd,
      for a cash consideration of MYR61,200,000.

Headquartered in Makmur, Malaysia, Mentiga Corporation Berhad is
engaged in the trading of timber products, construction and
property development and management and advisory services to oil
palm plantations.


METROPLEX BERHAD: Court Set to Hear Wind-Up Application Today
-------------------------------------------------------------
The winding-up petition served on Metroplex Berhad by Morgan
Stanley Emerging Markets Incorporated was set for mention before
the Kuala Lumpur High Court today, February 28, 2006.

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong and Philippines.


NEXNEWS BERHAD: Net Loss Balloons to MYR3,530,000 in 4Q/FY05
------------------------------------------------------------
Nexnews Berhad has released its fourth quarter unaudited
financial statement for the financial period ended December 31,
2005.

            Summary of Key Financial Information
                      December 31, 2005
        
         Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

     17,197        17,954          63,699         64,558

(2) Profit/(loss) before tax

     -3,355         1,527         -97,298          1,232

(3) Profit/(loss) after tax and minority interest

     -3,530           944        -100,557         -1,211

(4) Net profit/(loss) for the period

     -3,530           944        -100,557         -1,211

(5) Basic earnings/(loss) per shares (sen)

      -4.18          1.35         -122.10          -1.74

(6) Dividend per share (sen)

       0.00          0.00            0.00           0.00

(7) Net assets per share (MYR)

      As at end of               As at Preceding
    Current Quarter            Financial Year End

         1.7100                     3.4800

The financial statement is available for free at:

http://bankrupt.com/misc/nexnews31122005.xls

Nexnews Berhad's principal activities are the publication,
printing and distribution of financial and periodical newspaper,
magazines, journals, books and other literary works and
undertakings.  Other activity is investment holding. Operations
are carried out principally in Malaysia.  


PARACORP BERHAD: Incurs MYR8,458,000 Net Loss in 4Q/FY05
--------------------------------------------------------
Paracorp Berhad has submitted to Bursa Malaysia Securities
Berhad its unaudited fourth quarter financial statement for the
financial period ended December 31, 2005.

            Summary of Key Financial Information
                      December 31, 2005

         Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000  

(1) Revenue  

     20,573        21,384          77,340         87,156

(2) Profit/(loss) before tax

     -8,430        -2,855         -19,621        -11,809

(3) Profit/(loss) after tax and minority interest

     -8,458        -2,758         -19,854        -12,269

(4) Net profit/(loss) for the period

     -8,458        -2,758         -19,854        -12,269

(5) Basic earnings/(loss) per shares (sen)

      -6.35         -2.07          -14.92          -9.22

(6) Dividend per share (sen)

       0.00          0.00            0.00           0.00

(7) Net assets per share (MYR)

    As at end of               As at Preceding
   Current Quarter            Financial Year End

       0.0586                     0.2078

The financial statement is available for free at:

   http://bankrupt.com/misc/PARACORP4QE2005FS.xls

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/PARACORP4QE005NOTES.doc

Paracorp Berhad's -- http://www.paracorp.com.my/-- principal  
activities are the manufacture and trading of printed graphic
overlay, printed electronic circuits, electroluminescent
display, telemetry monitoring system, electronic circuit
components, corrugated plastic sheets, corrugated carton boxes
and plain boards.  Other activities include the provision of
management services, investment holding, property investment,
property management, money lending, technology management and
research and development services.  The Group operates in
Malaysia, Oceanic countries, European countries, American
countries and other Asian countries.


POLY GLASS: Writes Down Impairment Losses
-----------------------------------------
On February 14, 2006, the Board of Directors of Poly Glass Fibre
(M) Berhad resolved to recognize impairment losses in respect of
the development properties of its wholly owned subsidiary,
Golden Approach Sdn Bhd, and the investment property held by
another wholly owned subsidiary, Clover Sdn Bhd, for the
financial year ending February 28, 2006.

Details of the Write-down for the year ending February 28, 2006:

   Investment property held by Clover Sdn Bhd    MYR million

   Impairment loss on
   investment property                               1.1*

   Impairment loss of development properties held by Golden
   Approach Sdn Bhd

   Impairment loss on
   development properties                          111.1**

   Less: Reversal of
   deferred tax at 28%                             (31.1)

                                                    80.0

   Impairment losses
   (net of deferred tax effect)                     81.1

   Less Impairment loss
   set-off against the
   revaluation reserve of GASB                      (9.0)

   Effect on current
   year's income statement                          72.1

                Basis of impairment loss write-down

* Impairment loss was estimated based on a valuation report by
Colliers Jordan Lee & Jaafar (Pg) Sdn Bhd dated March 3, 2005.

** Impairment loss was estimated based on the information of an
Open tender of certain properties within Diamond Creeks Country
Retreat.

                 Purpose of the write-down

The write-down aims to overcome the auditors' qualification in
the financial statements for the year ended February 28, 2005,
and to regularize the condition pursuant to Practice Note
17/2005.  As a result of the write-down, the auditors'
qualification in respect of these matters are expected to be
removed for this financial year.  The auditors' qualification in
the financial statements for the year ended February 28, 2005,
has resulted in the Company being categorized as an Affected
Listed Issuer under the Practice Note 17/2005.

             Financial effects of the write-down

   * Unaudited Net Assets per Share

     The net assets per share as at November 30, 2005, of the
     Group will be reduced by 51 sen to 39 sen.

   * Unaudited Basic Earnings per Share

     The basic earnings per share of the Group for the period
     ended November 30, 2005, will be reduced by 45 sen to a
     basic loss per share of 45 sen.

   * Cash Flow

     The Write-down has no impact on the Group's cash flow.

The Write-down is not subject to the approval of the
shareholders of Poly and any other governmental authorities.

Poly Glass has on February 15, 2006, applied to the Bursa
Malaysia Securities Berhad for an extension of time pursuant to
Practice Note 17/2005 until June 30, 2006.

Headquartered in Penang, Malaysia, Poly Glass Fibre (Malaysia)
Bhd -- http://www.polyglass.com.my/-- is a leading manufacturer  
and marketer of premium-quality fiber glass wool building
insulation, HVAC insulation, and other specialty products for
thermal and acoustic insulation for commercial, industrial, and
residential applications.


SCOMI ENGINEERING: Returns to Profit in 4Q/FY05
-----------------------------------------------
Scomi Engineering Berhad's unaudited fourth quarter financial
statement for the financial period ended December 31, 2005 has
been submitted to Bursa Malaysia Securities Berhad.  

             Summary of Key Financial Information
                      December 31, 2005

         Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000  

(1) Revenue  

        190           684             918          5,031

(2) Profit/(loss) before tax
  
     20,501       -46,499          15,578        -60,100

(3) Profit/(loss) after tax and minority interest

     20,501       -46,243          15,578        -59,844

(4) Net profit/(loss) for the period

     20,501       -46,243          15,578        -59,844

(5) Basic earnings/(loss) per shares (sen)

      69.14       -241.00           71.39        -312.00

(6) Dividend per share (sen)

       0.00          0.00            0.00           0.00

(7) Net assets per share (MYR)

      As at end of               As at Preceding
    Current Quarter            Financial Year End

        1.2599                     -1.6193

The financial statement is available for free at:
   
   http://bankrupt.com/misc/ScomiEngineering4Q022706.pdf

The notes to financial statement is available for free at:

http://bankrupt.com/misc/ScomiEngineeringNotes4QFinancialResult.
pdf

Headquartered in Petaling Jaya, Malaysia, Scomi Engineering
Berhad Formerly known as Bell & Order Berhad provides services
in the design, manufacture, supply and installation of sound and
communication systems.  Operations of the Group are carried out
in Malaysia and Singapore.  

In October 2004, the Company ceased business operations. It's
subsidiary in Singapore is also discontinuing its business
operations. The Company is currently undertaking a corporate
restructuring exercise with Scomi Group Bhd.  This will result
in the latter taking control of the Company with a new core
business upon completion of the exercise.


SELOGA HOLDINGS: Results Swing to Black in 4Q/FY05
--------------------------------------------------
Seloga Holdings Berhad has released its unaudited fourth quarter
financial statement for the financial period ended December 31,
2005.
             Summary of Key Financial Information
                      December 31, 2005

         Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

     34,954        27,958         112,598         87,631

(2) Profit/(loss) before tax

        525        -2,441          -3,682         -7,351

(3) Profit/(loss) after tax and minority interest

        551        -2,475          -3,690         -7,385

(4) Net profit/(loss) for the period

        551        -2,475          -3,690         -7,385

(5) Basic earnings/(loss) per shares (sen)  

       0.49         -2.43          -3.30           -7.49

(6) Dividend per share (sen)

       0.00          0.00           0.00            0.00

(7) Net assets per share (MYR)

      As at end of               As at Preceding
    Current Quarter            Financial Year End

        0.2300                     0.2500

The financial statement is available for free at:

http://bankrupt.com/misc/SelogaHoldingsQ31December2005-Figures.pdf

The notes to financial statement is available for free at:

http://bankrupt.com/misc/SelogaHoldingsQ31December2005Notes.pdf

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities  
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding.  Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings.  The Group operates predominantly in Malaysia.


SOUTHERN BANK: Creditors Seeks to Call an EGM
---------------------------------------------
On February 23, 2006, Southern Bank Berhad received a notice
from Killinghall (Malaysia) Berhad and Dato' Huang Chang Hsun on
their intention to call an Extraordinary General Meeting of
Southern Bank in accordance with Section 145 of the Companies
Act 1965 for the proposed appointment of four directors and for
the proposed removal of four existing Southern Bank directors.

Southern Bank informed that it is reviewing the legality of the
Notice as well as of the Notice of Extraordinary General Meeting
of Southern Bank issued jointly by Killinghall and Huang Chang
Hsun as advertised in the New Straits Times issue of
February 24, 2006.  Southern Bank reserves its rights.

Headquartered in Kuala Lumpur, Malaysia, Southern Bank Berhad
-- http://www.southernbank.com.my/-- is engaged in the  
provision of commercial banking business and other related
financial services, which include Islamic banking services.  
Other activities are accepting deposits and advancing loans,
property ownership and management, provision of risk capital,  
stockbroking, sale and management of unit trusts, building  
construction, property investment and investment holding.


TENCO BERHAD: Returns to Profit in 3Q/FY05
------------------------------------------
Tenco Berhad's unaudited third quarter financial statement for
the financial period ended December 31, 2005 has been released
to Bursa Malaysia Securities Berhad.

            Summary of Key Financial Information
                     December 31, 2005

         Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

     16,177        14,413          47,654         45,097

(2) Profit/(loss) before tax

        280        -1,176             309         -1,529

(3) Profit/(loss) after tax and minority interest

        192        -1,162             132         -1,515

(4) Net profit/(loss) for the period

        192        -1,162             132         -1,515

(5) Basic earnings/(loss) per shares (sen)

       0.37         -2.23            0.25          -2.90

(6) Dividend per share (sen)

       0.00          0.00            0.00           0.00

(7) Net assets per share (MYR)

      As at end of               As at Preceding
    Current Quarter            Financial Year End

        0.0598                     0.0620

The financial statement is available for free at:
   
   http://bankrupt.com/misc/TencoBerhadQ32006.xls

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/TencoBerhadNotesQ32006.doc

Headquartered in Selangor, Malaysia, Tenco Berhad's principal
activities are manufacturing and selling of polymer, chemicals,
adhesive, decorative coatings and related products, building
materials, equipment and consumer products.  Other activities
include investment holding and provision of management services.  
The Group operates in Malaysia, Singapore and Canada.


=====================
P H I L I P P I N E S
=====================

ABS-CBN BROADCASTING: NBI Summons Stampede Victims
--------------------------------------------------
The National Bureau of Investigation on Monday gathered around
200 victims and witnesses in connection with the February 4,
2006, stampede involving ABS-CBN Broadcasting's game show,
"Wowowee", The Philippine Daily Inquirer reports.

The victims were asked questions regarding the incident.  They
were with officers of the Volunteers Against Crime and
Corruption, which has filed a complaint at the National Bureau
of Investigation on behalf of some 45 victims.

VACC chairman Dante Jimenez said charges of reckless imprudence
resulting to multiple homicide, multiple serious physical
injuries and less serious physical injuries could be filed
against the organizers, the Pasig City Police and the Office of
the Pasig City Mayor.  He said the filing of charges at the NBI
is the first step towards their planned class action suit
against the respondents.

Jimenez further claimed that at least 100 stampede victims have
asked their help in seeking legal action over the tragedy.

As reported by the Troubled Compaby Reporter - Asia Pacific on
February 17, 2006, the VACC is compiling class action affidavits
from the victims of the stampede that killed 74 and injured
hundreds of fans who tried to crash the gates of the Philsports
Arena stadium, where the popular ABS-CBN noontime show "Wowowee"
had scheduled its first anniversary gala.  

Meanwhile, ABS-CBN News says that the NBI gave ABS-CBN
executives until Wednesday to appear before the bureau and shed
light on the stampede.  Lawyer Regis Puno, legal counsel for the
network's executives, earlier asked the NBI for a one-week
extension before issuing statements on the tragedy.

The NBI had earlier issued subpoenas to:

     * vice-president for entertainment Charo Santos Concho;
     * Wowowee show host Willie Revillame;
     * ABS-CBN location manager (name not available);
     * assistant location manager Rey Cayabyab;
     * head security officer Rene Luspo;
     * Wowowee staffer Mel Filiciano;
     * associate producer Harold James Nueva;
     * segment producer Owen Garcia;
     * production manager Marilou Almade; and
     * executive producer and manager Morly Nueva.

ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com/-- is a  
leading radio and television broadcasting network and multimedia
company in the Philippines.  It was founded in 1953, and was the
first television station in the Philippines.  The network's main
broadcast facilities are located at the ABS-CBN Broadcast Center
in Mother Ignacia St., Diliman, Quezon City, Philippines.  ABS-
CBN has been struggling with its debt woes with continued
operating losses, weak airtime revenues and high costs amidst
decline in viewership ratings, coupled with the restructuring of
its parent, Benpres Holdings.  The February 4, 2006, stampede
placed the Network in the midst of rumors of license revocation,
class action proceedings initiated by the victims, and more
expenses which altogether caused further decline in share
prices.


AFP SAVINGS: Mulls Recapitalization of CSB
------------------------------------------
The Armed Forces and Police Savings and Loans Association plans
to inject fresh capital into Centennial Savings Bank to help the
institution get back on the black by providing the resources to
finance new loans, The Manila Bulletin reports.

AFPSLAI President and Chief Executive Officer Rufino G. Ibay
told the Manila Bulletin that the Bank has presented a five-year
rehabilitation program to the Bangko Sentral ng Pilipinas that
calls for AFPSLAI to put in new money contingent on the new
loans extended by the bank.

Mr. Ibay, vice chair of CSB on a concurrent capacity, explained
there will be no additional infusion but instead will
financially support the Bank's lending activities, particularly
in small-scale housing.   New loans plus some restructuring have
been projected to hit P1.1 billion for this year.

AFPSLAI owns 81% interest in CSB and the balance of 19% is held
by AFP Mutual Benefit Association.  CSB has an authorized
capital stock of Php1.2 billion of which Php1.196 billion is
paid-up capital with AFPSLAI contributing Php968.76 million and
AFPMBA Php227.24 million.

Contrary to media reports, Mr. Ibay stressed that AFPLSLAI is in
healthy financial standing with total resources of Php36.6
billion and posted net earnings of Php5.9 billion in 2005 from
Php5.09 in 2004.

As reported by the Troubled Company Reporter on February 22,
2006, Centennial Bank, a subsidiary of the Armed Forces and
Police Savings and Loan Association Incorporated, expects its
net loss to shrink from last year's Php517 million to Php5.4
million this  year, and aims to book profits of around Php44
million next year.  

The Armed Force and Police Savings and Loans Association --
http://www.afpslai.com.ph/-- is a non-stock savings and loan  
association established by the Armed Forces of the Philippines
and registered with the Securities and Exchange Commission in
1972.  AFPSLAI aims to promote industry, frugality and savings
among its members.  This organization is supervised by the
Bangko Sentral ng Pilipinas.  To date, there are 21 branches
nationwide with more to be established in strategic locations to
serve more than 398,040 members from the Armed Forces of the
Philippines, Philippine National Police, Bureau of Jail
Management and Penology and Bureau of Fire Protection. The Armed
Forces and Police Savings and Loans Association has incurred
losses of Php517 million in the past two years due to the
mismanagement of its investments.


CENTRAL AZUCARERA: Strike Brings Php550.34-Mln Loss
---------------------------------------------------
Sugar miller and refiner Central Azucarera de Tarlac booked a
net loss of Php550.34 million in the 2005 fiscal year due
primarily to a strike that lasted more than a year,
BusinessWorld relates.

Due to the suspension of operations resulting from the strike,
the Company was unable to recoup fixed production costs
representing mainly salaries and wages, depreciation, repairs
and maintenance, and machine shop, powerhouse and service
department costs.  Moreover, the company has not been able to
meet its maturing bank obligations.

In a Securities and Exchange Commission filing, the Company said
that the strike, which continued despite a return-to-work order
from the Department of Labor and Employment, "brought
considerable hardship both to the operational and financial
condition of the Company".

Consequently, stockholders will incur a net loss per share of
Php19.48 from 2004's earnings per share of Php0.48.  Revenues
fell 89.1% to Php133.44 million from Php1.22 billion in 2004.  
Losses from the stoppage of operations amounted to Php112.48
million.

According to BusinessWorld, the Company's ability to continue as
a going concern depends largely on the resolution of the labor
dispute, successful negotiation with the creditor banks and the
resumption of milling operations.

The Company, currently holding talks with the creditor banks to
restructure loans into more serviceable terms, wants the
conversion of Php776.6 million in short-term loans into long-
term facilities with a tenor of up to five years.  As of June,
Php50 million of the loans were converted to long-term debt,
BusinessWorld says.

Central Azucarera de Tarlac is a listed sugar milling firm
controlled by the family of former President Corazon Cojuangco
Aquino.  The Company's financial woes started when its workers
staged an illegal strike in November 2004 prompted by a deadlock
in collective bargaining agreement.  The negotiation with the
labor union to settle the dispute was closed on December 8,
2005, and the Company resumed milling operations on December 10,
2005.  The Company is still in talks with creditors to
restructure its outstanding loans.


MARIWASA MANUFACTURING: SEC OK Paves Way for Capital Hike
---------------------------------------------------------
The Securities and Exchange Commission has approved Mariwasa
Manufacturing Corporation's application to increase its
authorized capital stock by Php0.5 billion to Php1.5 billion,
BusinessWorld reveals.

The report also says that Php200-million worth of Mriwasa shares
had already been subscribed to and paid-up by Rey Marketing
Incorporated, Cementhai Ceramics Singapore Holdings Pte Ltd, and
Mariwasa Holdings Incorporated.  Foreign equity before and after
the increase is 39.92%.

However, Mariwasa told the Philippine Stock Exchange that it has
not received any notice from the SEC about the reported capital
increase approval.

Incorporated on November 5, 1963, Mariwasa Manufacturing
Corporation is a domestic corporation engaged in the manufacture
and sale of glazed ceramic floor tiles in various sizes, colors
and designs.  The Company, which has 76 distributors in
throughout the country, is based in Pasig City, Philippines.  
Aside from the local market, Mariwasa tiles also enjoy wide
acceptance in foreign markets such as United States and Hong
Kong, among others.  The Company, however, is continuously
racking up losses due to soaring operating expenses and large
borrowings.  It reported a net loss of Php180,942,000 in 2004.  
Last year, the Company proposed to restructure its outstanding
loan obligations to creditors.


NATIONAL POWER: JCPC OKs Assets Sale with SSA
---------------------------------------------
The Joint Congressional Power Commission has endorsed of the
sale of geothermal assets, jointly operated by National Power
Corporation and the Philippine National Oil Company-Energy
Development Corporation, with attached steam sales agreements,
The Philippine Star reveals.

Sources told The Star that the endorsement is consistent with
the provisions of the Electric Power Industry Reform Act of
2001, which stated that an individual SSA shall be attached to
the plants' sale package "to ensure the availability of a
reliable steam supply to a particular geothermal plan".

PNOC-EDC supplies steam to the Napocor geothermal power plants
such as the 720-megawatt Tongonan 1-3 plants, 192-MW Palinpinon
and 108-MW Mt. Apo geothermal complexes.  These facilities were
identified for sale under the EPIRA.

JCPC, the agency tasked to oversee the restructuring of the
country's power sector, is set to finalize this week the mode by
which Napocor's geothermal facilities will be privatized, The
Star says.

At least 11 companies have signified their interest to
participate in the PNOC-EDC privatization.

As reported by the Troubled Company Reporter - Asia Pacific on
February 16, 2006, the Government, through Power Sector Assets
and Liabilities Management Corporation, has targeted to
privatize 70% of Napocor's generating assets.  However, PSALM
was able to divest only five facilities or 0.0015% of the total
assets set for privatization.  

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power-generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets.  It has also separated its
transmission operations into a new subsidiary, the National
Transmission Corporation.  The state-owned firm, which is
considered a major draining factor of the Government's finances,
is projected to post a higher deficit of Php18.41 billion this
year from Php5.95-billion deficit in 2005.  Napocor incurred its
huge losses to fund the operations of its power facilities.


PILIPINO TELEPHONE: Posts Record Profit of Php13.5 Bln
------------------------------------------------------
Pilipino Telephone Corporation unveiled its financial results
for 2005, recording a net income of Php13.5 billion compared
with a profit of Php9.8 billion in 2004.  Net income, as
adjusted for the effects of foreign exchange revaluation and
changes in management agreements (concluded in 2004), stood at
Php11.6 billion and Php6.7 billion for 2005 and 2004,
respectively.

The 38% rise in profit is supported by reduced costs and tax
credits.

                        Operating Results

Piltel's service revenues in 2005 grew 11% to Php10.4 billion,
compared to Php9.4 billion in 2004, as a result of the continued
growth in revenue contribution from the Talk 'N Text subscriber
base.  Piltel is the Philippines' third largest cellular
operator with approximately 5 million subscribers on Talk 'N
Text, the Company's prepaid GSM service.  Talk 'N Text recorded
net additions of about 372,000 in 2005 despite heightened
competition and the termination of SIM-swapping activities in
May of last year. As was expected and earlier indicated, Piltel
experienced net disconnections of 22,734 in the fourth quarter,
resulting in an ending subscriber base of 4,984,425 for 2005.  
Piltel also had 46,202 landline subscribers as of the end of
2005.

Net GSM service revenues, after deducting Smart's share of
Php2.6 billion, interconnection expenses and costs of pre-loaded
airtime, increased by 13%, to Php9.7 billion in 2005 from Php8.6
billion in 2004.  GSM revenues now make up 91% of Piltel's net
revenues.

Total expenses decreased by 81%, from Php6.9 billion during 2004
to Php1.3 billion in 2005, mainly due to the significant decline
in cost of handsets and SIM packs sold and a foreign exchange
gain for 2005 as opposed to a foreign exchange loss in 2004.

The Php2.5 billion decrease in cost of handsets and SIM packs
sold is mainly a result of the termination of SIM-swapping
activities in May 2005.

The Company recorded a financing gain of Php1.2 billion in 2005
compared to an expense of Php1.9 billion in 2004.  A foreign
exchange gain of Php1.8 billion was recorded as the Peso
appreciated against both the United States Dollar and Japanese
Yen, as compared to 2004 when a Php517 million foreign exchange
loss was taken.

Pursuant to PAS 12 - Income Taxes, Piltel recognized certain
deferred tax assets (DTAs) representing future tax credits
arising from future tax deductions such as unrealized foreign
exchange losses. Piltel recognized the DTAs as it has now
established a history of taxable profits and it is probable that
it will continue to be in such taxable position in the future so
as to allow the DTAs to be recovered.  As a result, Piltel
recorded a net benefit from income tax of Php2.4 billion for
2005.  Capex for 2005 was at Php1.2 billion compared to Php1.1
billion in 2004, as the Company continued to acquire GSM network
assets.

As of December 31, 2005, Piltel's total long-term debts stood at
Php17.7 billion, 79% of which were denominated in foreign
currencies (U.S. Dollars and Japanese Yen).

Piltel's continued profitability has allowed it to return to a
positive stockholders' equity, after three years of a negative
position. The capital deficit has also been substantially
reduced to Php32.3 billion, from Php45.8 billion in 2004.

As a result of the improved operating results, the recognition
of DTAs and foreign exchange gains, the Company posted a net
income of Php13.5 billion.

Piltel President and Chief Executive Officer Napoleon L Nazareno
said: "Piltel's turnaround is a source of much pride for us at
the PLDT Group... As a result of this sustained profitability
and continued prospects for growth, we are seriously considering
a capital reorganization to enable us to return to positive
retained earnings at the soonest possible time."

A full-text copy of PIlipino Telephone's Financial Report is
available for free at:

        http://bankrupt.com/misc/tcrap_piltel022706.pdf  

Headquartered in Makati City, Philippines, Pilipino Telephone
Corporation provides  cellular mobile telephone service
provider, as well as provides fixed line telephone services and
paging services to Filipino customers.  In the past seven years,
Piltel was on the brink of bankruptcy with its seemingly
insurmountable debt, continuous losses, outmoded service and
dwindling subscriber base.


=================
S I N G A P O R E
=================

GENERAL MAGNETICS: 2005 Net Loss Widens Slightly
------------------------------------------------
The 2005 annual net loss of General Magnetics Limited increased
by a slight 3%.  The Company posted a SGD2.89 million net loss
for the full year ended December 31, 2005, compared to its
SGD2.82 million net loss for the same period in 2004.  Things
looked bleak as the Company also suffered a 8% decline in sales
for the same period, with a corresponding decrease in net asset
value and EPS.


                             Year Ended            Percent
                      02/31/05        12/31/04     Change
* In SGD million

Net sales               22.092          24.019      (8.02)
Net income (loss)       (2.894)         (2.818)     (2.69)
Basic EPS               (0.0290)        (0.0280)    (3.57)
Average No. of
  shares for EPS       100.000         100.000       0.00
Fully diluted EPS       (0.0290)        (0.0280)    (3.57)
No. shares fully
  diluted              100.000         100.000       0.00
Net Asset Value          0.340           0.370      (8.10)

A full-text copy of General Magnetics' full-year 2005 financial
results is available for free at:

  http://bankrupt.com/misc/tcrap_generalmagnetics022706.pdf

General Magnetics Limited -- http://www.genmag.com.sg/--  
engages in the manufacture and sale of optical and magnetic
media, such as compact disc (CD), CDR, micro floppy diskettes,
and audio cassettes in Singapore.  The company's CD collection
offers classics, a collection of classical music with
approximately 40 titles.  Its DVD products comprise digital
versatile disc (DVD) replication and DVD-R. The company's
audiocassette products include C-zero, blank cassette, and
norelco box.  The Company has been steadily declining since the
year 2000.  More significantly, it had SGD31 million in sales at
the end of December 2000, down to the current SGD22 million at
the end of 2005.  Net income for the past five years are all in
the red, and the Company's head count has diminished from 274 in
the year 2000 to roughly about 162 in December 2004.


LION HEART: Liabilities Force Firm to Wind Up
---------------------------------------------
The creditors of Lion Heart Properties Pte Limited appointed a
provisional liquidator to facilitate the Company's wind-up
activities on February 24, 2006, after they agreed that, due to
its liabilities, the Company cannot continue its business
operations.

The Company's financial results will be de-consolidated from the
accounts of its parent, Chemical Industries (Far East) Limited.


MAJESTIC ELECTRIC: Court Winds Up Firm
--------------------------------------

The Singapore High Court issued a wind-up order aganist Majestic
Electric Pte Limited on February 10, 2006.


MEDIASTREAM LIMITED: Seeks Extension to Submit FY2005 Results
-------------------------------------------------------------
Mediastream Limited sought an extension of time to submit its
financial results for the financial year ended December 31,
2005, for the following reasons:

-- the Company recently sold its property on January 16, 2006,
    hence, it needs to look for another place where the
    financial controller can continue his duties.

-- the Company is currently acquiring Opus IT Services Private
    Limited as part of a restructuring plan and reverse
    takeover exercise.  The financial controller asked for more
    time to ready and finalize the accounts.  The preparation of
    the draft circular regarding the acquisition also took up a
    lot of time and resources.

Mediastream Limited confirms that it will submit its FY2005
financial results to the Singapore Exchange Securities Trading
Limited by April 16, 2006.

With operations in Singapore, Malaysia and the Philippines,
Mediastream Limited licenses, produces and distributes music
records in cassette, compact disc and video format.  The Company
also collects recording copyright royalties, provides audio and
video recording and editing services and facilities, and
manufactures, sells and rents portable cabins, prefabricated
structures and temporary buildings.  The Company posted a
SGD1.62 million net loss for the year ended 2004, while its net
loss for the first six months of 2005 stood at SGD968,000.


SAPPHIRE CORPORATION: Annual Net Loss Drops Sharply
---------------------------------------------------
Sapphire Corporation Limited reports a significant 48.86% drop
in its full-year net loss for 2005.  The Company posted a
SGD5.99 million net loss for the full year ended December 31,
2005, less than half of its net loss for the same period in
2004, which  stood at SGD12.25 million.

A full-text copy of Sapphire Corporation's full-year 2005
financial results is available for free at:

http://bankrupt.com/misc/tcrap_sapphirecorp022706.pdf

Sapphire Corporation Limited, formerly known as I.R.E.
Corporation Limited, is engaged in the manufacture and sale of
paints and building materials, repair and renovation works,
building construction, retrofitting works and paint contracting.
Other activities include the provision of painting and equipment
services, colour matching services, supply of temporary
falseworks and formwork systems, construction and development of
properties and investment holding.  The Group's operations are
carried out in Singapore, China and Hong Kong.


STARTECH MANUFACTURING: Members Decide to Wind Up
-------------------------------------------------
The members of Startech Manufacturing Pte Limited held a meeting
on January 26, 2006, and agreed to wind up the Company's
operations voluntarily.

Don M. Ho, of Don Ho & Associates, was subsequently appointed as
liquidator for the wind-up.


STARTECH POWER: Liquidates Business Ops
---------------------------------------
At an extraordinary general meeting of the members of Startech
Power Pte Limited on January 26, 2006, it was agreed that the
Compnay liquidate its business operations.

Don M. Ho, of Don Ho & Associates, was then appointed as
liquidator to facilitate the wind-up activities.


===============
T H A I L A N D
===============

DATAMAT: Wants Deadline for FS Submission Extended
--------------------------------------------------
Datamat Public Company Limited has requested the Securities and
Exchange Commission to extend the deadline for the submission of
the Company's financial statement.

The Company asked for the Extension since it is still
reorganizing its business and is in the process of preparing a
proposed reorganization plan to be submitted to the Central
Bankruptcy Court for approval.

In addition, the Company had reorganized its structure and
engaged a skilled specialist to manage and control its principal
projects so that it could be completed within the time specified
in the relevant agreements.  The scope of each project is being
examined in order for it to be recorded as a receivable in the
Company's statement of accounts.

Headquartered in Bangkok, Thailand, Datamat Public Co. Limited -
- http://www.datamat.co.th-- is categorized under the Rehabco  
Sector of the Stock Exchange of Thailand.  Companies placed
under Rehabco presently undergo rehabilitation process.


PAE THAILAND: Installs New Directors
------------------------------------
At a meeting of PAE (Thailand) Public Co. Limited, the Board of
Directors resolved to appoint:
  
   * Khun Sumon Surathin as Acting Chairman of the Board of
     Directors;

   * Khun Saroj Sawangrit as Director, replacing Khun Somchai
     Sakulsurarat; and

   * Khun Benjamas MekRaksavanich as Internal Auditor and
     Secretary of the Audit Committee.

Headquartered in Bangkok, Thailand, PAE (Thailand) Public Co.
Limited -- http://www.pae.co.th-- is currently in  
rehabilitation.  Its Securities are placed under the Rehabco
Sector of the Stock Exchange of Thailand.



BOND PRICING: For the Week 27 February to 3 March 2006
------------------------------------------------------

Issuer                               Coupon     Maturity   Price
------                               ------     --------   -----


AUSTRALIA
---------

Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     9
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    24
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%    03/15/11     8
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     9
Fletcher Building Ltd                 8.300%    10/31/06     9
Fletcher Building Ltd                 8.600%    03/15/08     9
Fletcher Building Ltd                 8.750%    03/15/06     9
Fletcher Building Ltd                 8.850%    03/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     9
Futuris Corporation Ltd               7.000%    12/31/07     3
Gympie Gold Ltd                       8.500%    09/30/07     1
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hudson Timber Products Ltd            7.000%    12/31/10     1
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    01/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     9
Infratil Ltd                          8.500%    11/15/15     8
Investa Property Group Ltd            6.000%    05/28/08     6
Kagara Zinc Ltd                       9.750%    05/06/07     3
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Longreach Group Ltd                  10.000%    10/31/08     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Sydney Gas Company                   12.000%    04/01/06     1
Sydney Gas Limited                   12.000%    06/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2
Westpac Banking Corporation           6.250%    08/30/11     6


MALAYSIA
--------

Abi Malaysia Bhd                      5.500%    05/30/06    30
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Comsa Farms Bhd                       5.000%    02/27/06    50
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     4
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lebar Daun Bhd                        2.000%    01/06/07     3
Lion Diversified Holdings Bhd         2.000%    06/01/09     2
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           3.000%    04/05/12     1
Mithril Bhd                           8.000%    04/05/09     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Naim Indah Corporation Bhd            0.500%    08/24/06     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Orix Leasing Malaysia Bhd             4.052%    01/26/09     4
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rashid Hussain Bhd                    3.000%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tap Resources Bhd                     2.000%    06/29/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------

Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets Ltd                   6.000%    12/07/06     1




                            *********


S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA.  Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Erica Fernando, Freya Natasha Fernandez, and Peter A.
Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.

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